**Excel's Companies Financial Overview****Income Statement***For the Years Ended May 31, 2018, and 2017*- **Net Sales Revenue** - 2018: $51,200 - 2017: $39,800- **Cost of Goods Sold** - 2018: $22,500 - 2017: $23,700- **Interest Expense** - 2018: $500 - 2017: $280- **All Other Expenses** - 2018: $6,200 - 2017: $7,100- **Net Income** - 2018: $22,000 - 2017: $8,720**Balance Sheet***As of May 31, 2018, and 2017***Assets**- Cash - 2018: $2,000 - 2017: $1,800- Short-term Investments - 2018: $26,000 - 2017: $10,000- Accounts Receivable - 2018: $7,300 - 2017: $5,500- Merchandise Inventory - 2018: $6,800 - 2017: $7,500- Other Current Assets - 2018: $11,000 - 2017: $2,400- **Total Current Assets** - 2018: $53,100 - 2017: $27,200- All Other Assets - 2018: $33,000 - 2017: $23,000- **Total Assets** - 2018: $86,100 - 2017: $50,200**Liabilities**- Total Current Liabilities - 2018: $25,000 - 2017: $13,300- Long-term Liabilities - 2018: $14,100 - 2017: $10,200- **Total Liabilities** - 2018: $39,100 - 2017: $23,500**Stockholders' Equity**- Common Stock

Name: **Excel's Companies Financial Overview****Income Statement***For the
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Description: **Excel's Companies Financial Overview****Income Statement***For the Years Ended May 31, 2018, and 2017*- **Net Sales Revenue** - 2018: $51,200 - 2017: $39,800- **Cost of Goods Sold** - 2018: $22,500 - 2017: $23,700- **Interest Expense** - 2018

Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times a company sells or uses its inventory during an accounting period. Calculate inventory turnover ratio for the year 2018: Inventory turnover = Cost of goods sold / Average inventory Inventoy turnover = $22,500 / (($6,800 + $7,500) / 2) Inventory turnover = $22,500 / $7,150 Inventory turnover = 3.15 times Calculate days sales inventory: days sales inventory = 365 days in the year / Inventory turnover days sales inventory = 365 / 3.15 times days sales inventory = 115.87 days Note: days sales inventory answer might vary due to round off inventory turnover ratio. Calculate gross profit percentage for 2018: Gross profit percentage = (Gross profit / sales)* 100 Gross profit percentage = (($61,200 - $22,500) / $61,200) * 100 Gross profit percentage = ($38,700 / $61,200) * 100 Gross profit percentage = 63.24%

Business

Accounting

Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Excels Companies for 2018. Compute the inventory turnover. (Round your answer to two decimal places, XXX) The inventory tumover %3D times

Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Excels Companies for 2018. Compute the inventory turnover. (Round your answer to two decimal places, XXX) The inventory tumover %3D times

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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