Trinity's gross profit percentage is ? Question:Trinity Traders reported the following data:Freight-in$18Sales returns$12Purchases$220Purchase returns$5Beginning inventory$48Sales revenue$460Purchase discounts$4Ending inventory$42Trinity's gross profit percentage is%

Provided Data:Freight-in = $18Sales returns = $12Purchases = $220Purchase returns = $5Purchase…

Answered: Question: Trinity Traders reported the…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Consider the following financial statement information for the Hop Corporation: Item Inventory Accounts Receivable Accounts Payable Net Sale COGS O 13.44 days O 20.83 days What is the payable period for Hop Corporation? O 27.16 days Beginning $16,200 14,000 11,000 O 17.52 days $219,000 168,000 Ending $19,100 16,000 14,000
Hayes Company had the following account balances at the end of the year: Beginning Inventory O Ending Inventory 0 Freight-In General and Administrative Expenses Interest Revenue Interest Expense Purchase Discounts Gross Profit: Net Income: X $ 97,400 $ 46,700 $ 39,400 S 41,400 3,300 25,000 2,350 1,010 5,100 0 Purchases Returns and Allowances Purchases Required: Compute the following: 1. Gross profit 2. Net income, given that income from operations is $54,400. Sales Discounts Sales Returns and Allowances Sales Selling Expenses $ 5900 86800 7300 6500 196000 25700
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Calculating the CCC from the Financial Statement The following data are taken from the financial statement: Annual Sales ( on Credit ) 1,216,666 Cost of Goods Sold 1,013,889 Average Inventory 250,000 Average Accounts Receivable 300,000 Average Accounts Payable 150,000 COMPUTE FOR THE FOLLOWING and interpret your answer: 1. DIO stands for Days Inventory Outstanding 89.99999014 DIO= (Ave. Inventory/Cost of Goods Sold)*365 =(250,000/1,013,889)*365 =89.99 or 90 days It takes the company approximately 90 days to turn inventory into sales 2. DSO stands for Days Sales Outstanding 90.00004932 DSO=(Ave. Accts. Receivables/Total Credit Sales)*365 =(300,000/1,216,666)*365 =90 days #NAME? 3. DPO stands for Days Payable Outstanding 53.99999408 DPO=(Ave. Accts. Payables/Cost of Goods Sold)*365 =(150,000/1,013,889)*365 =53.99 or 54 days It takes the company approximately 54 days to pay its invoices 4.CASH CONVERSION CYCLE 126.0000454 CCC= DIO + DSO - DPO = 90+90-54 = 126 It takes the company…
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Calculating Cycles Consider the following financial statement information for the Hop Corporation: Item Beginning Ending Inventory $16,284 $19,108 Accounts receivable 11,219 13,973 Accounts payable 13,960 16,676 Net Sales $219,320 Cost of Goods sold 168,420 Calculate the operating and cash cycles. How can you interprete your answer?
The following information pertained to Azur Co. for the year: Purchases $102,800 Purchases discounts 10,280 Freight-in 15,420 Freight-out 5,140 Beginning inventory 30,840 Ending inventory 20,560 What amount should Azur report as cost of goods sold for the year? a.$128,500 b.$118,220 c.$123,360 d.$102,800

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Question: Trinity Traders reported the following data: Freight-in $18 Sales returns $12 Purchases $220 Purchase returns $5 Beginning inventory $48 Sales revenue $460 Purchase discounts $4 Ending inventory $42 Trinity's gross profit percentage is %