Selected financial data for Quick Sell, Inc., a retail store, appear as follows. a. Compute the following

Question:

Selected financial data for Quick Sell, Inc., a retail store, appear as follows.

a. Compute the following for both years:
1. Gross profit percentage.
2. Inventory turnover.
3. Accounts receivable turnover.
b. Comment on favorable and unfavorable trends.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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a 1 Gross profit percentage Year 1 33 610000 408000 610000 Year 2 34 750000 495000 750000 2 Inventor...View the full answer

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Financial and Managerial Accounting the basis for business decisions

ISBN: 978-1259692406

18th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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Question Posted: May 10, 2017 11:24 AM

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Selected financial data for Quick Sell, Inc., a retail store, appear as follows. a. Compute the following

Question:

Year 2 Year 1 Sales (all on account) Cost of goods sold Average inventory during the year.. . . . . . . Average receivables during the year... _ _ . . . $750,000 $610,000 495,000 408,000 .. . . . . __. . . . . .. . . . . .110,000 102,000 .. . . . . __. . . . . .. . . . . .150,000 100,000 . . .

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a 1 Gross profit percentage Year 1 33 610000 408000 610000 Year 2 34 750000 495000 750000 2 Inventor...View the full answer

Financial and Managerial Accounting the basis for business decisions

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Year 2 Year 1 Sales (all on account) Cost of goods sold Average inventory during the year.. . . . . . . Average receivables during the year... _ _ . . . $750,000 $610,000 495,000 408,000 .. . . . . . . . . . .. . . . . .110,000 102,000 .. . . . . . . . . . .. . . . . .150,000 100,000 . . .