The records of KATINKO CO. showed the following information: Accounts receivable,...
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Accounting
The records of KATINKO CO. showed the following information:
Accounts receivable, net, Jan. 1, 20x1
40,000
Accounts receivable, net, Dec. 31, 20x1
160,000
Accounts receivable turnover
5:1
Inventory, Jan. 1, 20x1
120,000
Inventory, Dec. 31, 20x1
80,000
Inventory turnover (4:5:1)
How much is the gross profit for the year?
a. 120,000
b. 130,000
c. 150,000
d. neither A, B, or C
The records of KATINKO CO. showed the following information:
Accounts receivable, net, Jan. 1, 20x1 | 40,000 | |
Accounts receivable, net, Dec. 31, 20x1 | 160,000 | |
Accounts receivable turnover | 5:1 | |
Inventory, Jan. 1, 20x1 | 120,000 | |
Inventory, Dec. 31, 20x1 | 80,000 | |
| Inventory turnover (4:5:1)
How much is the gross profit for the year?
a. 120,000 b. 130,000 c. 150,000 d. neither A, B, or C |
|
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