The Fun Zone sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2024. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (March 1, 2024) Cost of goods sold Required: $ 71,300 Inventory (March 31, 2024) 5,200 3,100 Insurance expense Sales discounts 6,300 Salaries expense 2,200 Income tax expense 35,200 1. Prepare a multiple-step income statement for the month ended March 31, 2024. 2-a. Calculate the inventory turnover ratio for the month of March. 2-b. Would you expect this ratio to be higher or lower in December 2024? 3. Calculate the gross profit ratio for the month of March. $ 1,100 1,700 2,400 8,200 3,000

The Fun Zone sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2024. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (March 1, 2024) Cost of goods sold Required: $ 71,300 Inventory (March 31, 2024) 5,200 3,100 Insurance expense Sales discounts 6,300 Salaries expense 2,200 Income tax expense 35,200 1. Prepare a multiple-step income statement for the month ended March 31, 2024. 2-a. Calculate the inventory turnover ratio for the month of March. 2-b. Would you expect this ratio to be higher or lower in December 2024? 3. Calculate the gross profit ratio for the month of March. $ 1,100 1,700 2,400 8,200 3,000

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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