W. Glass & Company reported the following information in its recent annual report: Year 1 Year 2 Cost of goods sold $8,000,000 $9,200,000 Beginning inventory 900,000 860,000 Ending inventory 860,000 640,000 Calculate the company's inventory turnover and days' sales in inventory for both years. (Round both answers to two decimals. Use the rounded answers in your calculations.)

Q: Explain consistency concept.

A: Consistency: Consistency principle emphasizes that companies should adhere to same accounting…

Q: 6) Explain Realisation concept and provide example.

A: Accounting concepts are those rules, regulations and guidelines which are used for the…

Q: Explain materiality , happens and why these are important? Explain with the help of example.

A: Materiality refers to the concept of determining whether a particular item, transaction, or…

Q: Define roadshow

A: Roadshow: Roadshow is a sequence of conferences across diverse towns in which topmost managers from…

Q: Realization Test Principle/Theory.

A: Accounting is based on some principles, and to maintain uniformity, everyone must follow accounting…

Q: Define going-concern assumption

A: Definition: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: Define customers

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Explain how copmany approch to planing and its mission can be translated inti action plans

A: Planning: Planning refers to the process which helps in bridging the gap between the point the…

Q: What is information system ? Elaborate and describe the details

A: Solution- Information systems-        AN system could be a collection of interconnected elements to…

Q: Explain FLSA and its purpose.

A: FLSA stands for fair Labor Standards Act. It is an act that aims at protecting the interest of…

Q: Explain the process followed and the result

A: The process followed here is the calculation of the Economic Order Quantity (EOQ), which is a…

Q: Explain subsequent events and why these are important? Explain with the help of example.

A: Subsequent events refer to events or transactions that occur after the balance sheet date but before…

Q: How to do the according equation

A: Accounting Equation is the double-entry system used by the organization to get the balance sheet and…

Q: Write the note on JIT technique, what is the full form of JIT?

A:

Q: how to learn CAPM model?

A: In order to increase the return and reduce the risk, investors generally adding some securities to…

Q: List the steps involved in view integration.

A: View Integration: Single model which is created for integrating multiple REA diagrams to provide a…

Q: What does goal congruence mean? Provide an example with your explanation.

A: Goal congruence means that an individual's goals are aligned with the goals of the organization. For…

Q: Define commitment fee

A: In financial terms, commitment is a promise made by lender to borrower to provide loan by specific…

Q: Describe about the Going concern assumption with example.

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

Q: Differentiate essential and non essential activities.

A: There are various types of activities that are performed in an organization in order to achieve the…

Q: PLEASE EXPLAIN EACH POINT STEP BY STEP

A: Auditor refers to the person or individual who is involved in conducting the auditing of the…

Q: Describe about the assignor.

A: Contract:      Contract refers to an agreement between two parties which is legally enforceable by…

Q: Describe internal event with example.

A: Definition:   Accounting event: An accounting event is a transaction that is recorded in the books…

Q: Define Top-down analysis

A: Introduction: Analyst is the person who gathers the data after they interpret and validate the data…

Q: Define the term understand ability.

A: The financial information refers to the data related to the monetary transactions of the business.…