Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2013 following is an extract of information from t

2013 Following is an extract of information from the books of Express Photos: 2014 Net...

80.2K

Verified Solution

Question

Accounting

imageimage

2013 Following is an extract of information from the books of Express Photos: 2014 Net Sales 156000 Net Credit Sales 150500 Inventory 13000 15000 Total Assets 98000 Current Liabilities 400000 COGS 76000 Gross Profit 80000 Current Assets 72000 Total Liabilities 56000 |Accounts Receivable 25000 18000 Non leap year Calculate the following ratios: Format as noted. Current Ratio (to 1 decimal place) Debt Ratio (as a percentage to 1 decimal place - no "%"). Inventory Turnover (rounded to nearest whole number) Gross Profit Percentage (as a percentage to 1 decimal place - no "%") Debt Ratio (as a percentage to 1 decimal place - no "%") Inventory Turnover (rounded to nearest whole number) Gross Profit Percentage (as a percentage to 1 decimal place - no "%") Following are a series of ratios with two possible results. Enter the ratio that you believe represents the better position for a business: Current Ratio 1.3 or 1.8 Gross Profit Percentage 46.3 or 45.8 Inventory Turnover 8 or 10

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students