Scott Company provides the following financial information to you for the year ended 12-31-2019. Net...
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Scott Company provides the following financial information to you for the year ended 12-31-2019. Net Sales $210,000 Cost of Goods Sold Beginning Inventory $ 22,500 Purchases $184,500 Goods Available for Sale $207,000 Ending Inventory (FIFO cost) 33.000 Cost of Goods Sold $(174.000) Gross Profit $ 36,000 Operating Expenses $ (13.000) Income from Operations $ 23,000 Income Tax Expense $_(7.000) Net Income $ 16,000 A/R Beginning Balance A/R Ending Balance $40,000 $20,000 Match the appropriate answer for each of the following items. 1. 17.1 Scott Company's Gross profit percentage is: - 2.7 3.52 Scott Company's number of days to collect Accounts Receivable is: 4. 36.5 Scott Company's Inventory turnover ratio is: 5. 6.27 6. 58 Scott Company's number of days to sell Inventory is: 7. 88 Scott Company's Accounts Receivable turnover ratio is: 8. 7.6 9. 3.14 1:16 PM dx D M 3/31/20
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