Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Achieve's Companies, a home improvement store chain, reported the following summarized gues (Click the loon to view the income statement) (Click the icon to
Achieve's Companies, a home improvement store chain, reported the following summarized gues (Click the loon to view the income statement) (Click the icon to view the balance sheets) Achieve's has 50,000 common shares outstanding during 2018 Read the requirements Requirement 1. Compute the inventory tumover, days' sales in inventory, and groes profit percentage for Achieve's Comp for 2018 Compute the inventory turmover. Round your answer to two decimal places, XXX) The inventory turnover Cost of goods sold Average marchands inventory Compute the days' sales in inventory (Round interim calculations to two decimal places. XXX and round you frat arower to the nearest whole day) The days sales in inventory 365 days-Inventory turnover Compute the gross profit percentage (Round your answer to the nearest term of a percent, XX%) The gross profit percentage= Gross profit-Net salesrovn 54.3% Requirement 2. Compute days sales in receivables during 2018 Round intermediate calculations to three decimal places. Assume al sales were on account (Round intermediate stations to three decimal places X300X and round your nat answer to the nearest whole day) Days' sales in average receivables= 365 days Accounts receivable utover ratio
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started