Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Sales (all...
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Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Sales (all on account) Cost of goods sold Average inventory during the year Average receivables during the year Year 2 $ 773,000 422,000 174,000 150,000 Year 1 $ 604,000 365,000 164,000 100,000 1:32:23 0-1. Compute the gross profit percentage for both years. (Round your percentage answers to the as 12%.) a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.) a-3. Compute the accounts receivable turnover for both years (Round your answers to 1 decimal b. Which of the following show a positive or negative trend? BOOK Print rences Year 1 Year 2 % a-1 94 a-2 Gross profit percentage Inventory turnover Accounts receivable turnover times times a-3 times times Trend b Gross profit rate Inventory turnover Accounts receivable turnover Growth in net sales
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