1. To the nearest hundredth, the Total Cost of Goods Sold is what percent of Net Sales? Do not enter the percent (%) sign. 2. To the nearest hundredth, the Gross Profit From Sales is what percent of Net Sales? 3. Last quarter the Total Selling Expenses were 34.51% of Total Gross Profit From Sales. Has this quarter shown an improvement over last quarter? Answer Y for Yes or N for No. 4. To the nearest hundredth, Total Selling Expenses are what percent of Total Operating Expenses? 5. What is the total of Total Fees Earned? 6. What is the Income From Operations? 7. If the Total Cost of Goods Sold is understated, the Income From Operations will be: A. Overstated B. Understated C. Unchanged 8. To the nearest hundredth, what is the profit margin ratio? Do not enter the percent (\%) sign. 9. To the nearest hundredth, what is the gross margin ratio ? Do not enter the percent (%) sign.? 10. What is the balance of the Cash account? 11. What is the net realizable value of the Accounts Receivable? 12. What is the book value of the Shop Equipment? 13. What is the Total Liabilities and Stockholders' Equity? 14. To the nearest hundredth, what is the current ratio? 15. The April 1 balance of the Merchandise Inventory account was $156,850.00. To the nearest hundredth, what is the inventory turnover of the business? 16. To the nearest hundredth, compared to the June 2 balance of the Merchandise Inventory account, the Merchandise Inventory account balance has decreased by what percent? 17. What is the total of Total Plant and Equipment? 18. What is the dollar amount of working capital? 19. To the nearest hundredth, what is the debt rafio? Do not enter the percent (%) sign. 20. Use your printout of All Customers to answer questions 20 and 21 . Does any customer have a balance that is past due on the credit terms of 30 days? Answer Y for Yes or N for No. 21. What was the balance owed by Christine Nelson (11560) before the return of merchandise on June 30 ? Granite Bay Jet Ski II Income Statement For the Quarter Ended June 30, 2009 Revenues: Watercraft and Accessory Sales Less: Sales Returns and Allowances 304,888.552,254.20302,634.35 Net Sales $302,634.35 Cost of Goods Sold: Cost of Goods Sold Transportation-In $222,412.80604.00 Total cost of Good sold Gross Profit From Sales 223,016.80 \$ 79,617.55 Fees Earned: Service Fees Earned Storage Fees Earned $9,112.7510,450.00 Total Fees Earned Total Gross Profit From Sales and Fees Earned Operating Expenses: Selling Expenses: Salaries and Wages Expense Store and Shop Supplies Expense Truck and Equipment operating Expense Advertising Expense Delivery Expense Credit Card Expense Tools Expense Depreciation Expense, Store \& Shop Equipment Depreciation Expense, shop Equipment $\begin{tabular}{r} 15,681.96 \\ 1,651.92 \\ 1,263.65 \\ 2,573.50 \\ 953.10 \\ 2,155.89 \\ 40.00 \\ 2,330.00 \\ 1,640.00 \end{tabular} Granite Bay Jet Ski II Balance Sheet June 30,2009 Current Assets: ASSETS Total Current Assets $303,434.13 Plant and Equipment Store Equipment and Eixtures. Accumulated Depreciation Book value Shop Equipment Accumulated Depreciation \$ \begin{tabular}{r} 71,967.40 \\ 14,620.00 \\ \hline$57,347.40 \end{tabular} Book Value 35,310,00 7. 300.00 Trucks 28,010.00 Granite Bay Jet Ski II Ledger Card
