at Part 117 points) as what percentage of the assets were financed by debt et February 28, 20167 At March 31, 2015 as the change in debt financing fuvratio or untavarat Round to the nearest whole number February 28, 2016 March 31, 2015 Change rete) by Calculate the merchandise inventory tumover on March 21, 2016. Assuming the industry average is 0,40does Bentley inc. compare tovorably or untavorably Round to two decimal piacer. Comparison one Calculate the accounts receivable tumower for the month ended Much 31, 2015. Assuming the industry average receivable turnover i 9.91, dons Bentley Inc. compare tvorably or unfavoraby? March 31, 2015 Round to two decimal places March 31, 2015 Comparison stone Classified income statement: Bentley Inc. Income Statement For month ended March 31, 2015 Sales 2,560,000 35,200 Sales discounts 2,524,800 Net sales 1,158,004 Cost of goods sold Gross profit from sales 1,366,796 Operating expenses Selling expenses Advertising expense 5,375 Rent expense, selling space 2,320 Sales salaries expense 70,000 Total selling expenses 77,695 General and administrative expenses Bad debts expense 169,994 Bank service charge expense 1,200 Depreciation expense, office furniture 140 Office salaries expense 26,000 Rent expense, office space 3,480 Utilities expense 17,775 Total general and administrative expenses 218,589 Total operating expenses 296,284 Income from operations 1,070,512 Other revenues and expenses Interest earned 592.50 Gain on sale of property, plant and equipment assets 452 1,044.50 Income before tax 1,071,556.50 Income taxes expense 203,600 Net income 867,956.50 Statomont Bentley Inc. Adjusted Trial Balance March 31, 2015 Debit Credit Cash 894,766 Accounts receivable 845,893 Allowance for doubtful accounts 20,130 Interest receivable 292.50 Notes receivable 78,056 Merchandise inventory 2,147,966 Prepaid advertising 16,125 Office furniture 8,400 Accumulated depreciation, office furniture 140 Accounts payable 519,350 Utilities payable 17,775 Income taxes payable 203,600 Common shares 60,000 Retained earnings 2,320,147 Cash dividends declared 17,600 Interest earned 592.50 Sales 2,560,000 Sales discounts 35,200 Cost of goods sold 1,158,004 Depreciation expense, office furniture Office salaries expense 26,000 Sales salaries expense 70,000 Bank service charge expense 1,200 Rent expense, office space 3,480 Rent expense, selling space 2,320 Advertising expense 5,375 Bad debts expense 169,994 Utilities expense Income taxes expense 17,775 203,600 Gain on sale of property, plant and equipment assets 452 Totals 5,702,186.50 5,702,186.50 140 The question was: -) Prepare a March 31, 2015 post-closing trial balance. Bentley Inc. Post-closing Trial Balance March 31, 2015 Debit Credit Cash 894,766 Accounts receivable 845,893 Allowance for doubtful accounts 20,130 Interest receivable 292.50 Notes receivable 78,056 Merchandise inventory 2,147,966 Prepaid advertising 16,125 Office furniture 8,400 Accumulated depreciation, office furniture 140 Accounts payable 519,350 Utilities payable 17,775 Income taxes payable 203,600 Common shares 60,000 Retained earnings 3,170,503.50 Totals 3,991,498.50 3,991,498.50