Question
Gross sales $3,200,000 Sales returns and allowances $120,000 Net sales $3,080,000 Cost of goods sold $2,240,000 Income before interest and taxes $480,000 Interest on bonds
Gross sales $3,200,000
Sales returns and allowances $120,000
Net sales $3,080,000
Cost of goods sold $2,240,000
Income before interest and taxes $480,000
Interest on bonds $128,000
Net income $256,000
Accounts receivable, January 1, 2014 $480,000
Accounts receivable, December 31, 2014 $640,000
Merchandise Inventory, January 1, 2014 $600,000
Merchandise Inventory, December 31, 2014 $680,000
The time interest earned ratio is?
The Accounts Receivable turnover is?
The inventory turnover is?
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
5th edition
134128524, 978-0134128528
