In 2022, Tornado Ltd. had average inventory of $92000. The 2022 income statement showed net sales...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In 2022, Tornado Ltd. had average inventory of $92000. The 2022 income statement showed net sales of $2100000 and gross profit of $428000. In 2021, it was taking the company approximately 30 days to sell its inventory. In 2022, the company's days sales in inventory improved. deteriorated. remained unchanged. O More information is needed to make this determination. In 2022, Tornado Ltd. had average inventory of $92000. The 2022 income statement showed net sales of $2100000 and gross profit of $428000. In 2021, it was taking the company approximately 30 days to sell its inventory. In 2022, the company's days sales in inventory improved. deteriorated. remained unchanged. O More information is needed to make this determination.
Expert Answer:
Answer rating: 100% (QA)
Cost of goods sold 2022 Sales Gross profit 2100000 428000 1672000 Average I... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
A classified income statement showed net sales of $435,000, cost of goods sold of $188,000, and total operating expenses of $165,000 for the fiscal year ended June 30, 20--. (1) What was the gross...
-
A classified income statement showed net sales of $505,000 cost of goods sold of $202,000 and total operating expenses of $179,000 for the fiscal year ended June 30, 2019. What was the gross profit...
-
What additional information is needed to make a good report to the CEO?
-
In Exercises evaluate the second derivative of the function at the given point. Use a computer algebra system to verify your result. (x) = cos x, (0, 1)
-
How does a competitive sale of corporate bonds differ from a negotiated sale? Which type of underwriting would you prefer? Why might you still choose the alternative?
-
Rita King, your staff assistant on the April 30, 20X2, audit of Maxwell Company, was transferred to another assignment before she could prepare a proposed adjusting journal entry for Maxwells...
-
Starbucks Corporation and PepsiCo formed a joint venture to produce and distribute Starbucks bottled Frappuccino coffee drink throughout North America. Assume that the 50/50 joint venture had a book...
-
First Interstate Bank issued a letter of credit in favor of Comdata Network. Comdata is engaged in money transfer services. It provides money to truckers on the road by way of cash advances through...
-
Bandar Industries manufactures sporting equipment. One of the companys products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,900...
-
A mail-order catalog business that sells personal computer supplies, software, and hardware maintains a centralized warehouse for the distribution of products ordered. Management is currently...
-
One of the major issues within the realm of the appreciation of the arts is the disconnection between what is readable in the arts and what is unreadable. Example, the renaissance period of art and...
-
What are the definitions for the ratios? How can we utilize them for analysis. Refer to the Huron Farms Dressage. Try to prepare projected statements of earnings for the next three years. Will the...
-
what inventory amount appears on the firm's balance sheet as of March 31, 2022? Clothing retailer Forever Young has $1,000,000 of clothing in its warehouses as of December 31, 2021. Based on past...
-
The Hawaii Company purchases a machine on 1/1/21. Details include: Cost Salvage value Estimated life $80,000 $ 4,000 10 years Assume Double-declining balance depreciation. Indicate the following...
-
Waneka Corp., a U.S. company, is concerned that fluctuations in a foreign currency could severely affect the profitability of a major sale to a foreign customer. Which type of exchange rate would be...
-
Donnie Ltd. Issued 10-year, $81 million face value debentures on July 1, 2013. The bonds mature on June 30, 2023. The annual stated (coupon) rate is 5%, and interest must be paid semi-annually on...
-
What are some common tools and commands for monitoring system performance in UNIX?
-
For a nonzero constant a, find the intercepts of the graph of (x 2 + y 2 ) 2 = a 2 (x 2 - y 2 ). Then test for symmetry with respect to the x-axis, the y-axis, and the origin.
-
Mason Advertising Agency was founded in January 2018. The following are adjusted and unadjusted trial balances as of December 31, 2022. Instructions a. Journalize the annual adjusting entries that...
-
Use the information for Rode Inc. given in BE19.12. Assume that it is not probable that the entire net operating loss carryforward will be realized in future years. Prepare all the journal entries...
-
Presented below is information from Lopez Computers. Instructions Prepare the necessary journal entries for Lopez Computers. July 1 Sold R$30,000 of computers to Smallwood Company with terms 3/15,...
-
Boston Furniture Company manufactures several steel products. It has three production departments: Fabricating, Assembly, and Finishing. The service departments include Maintenance, Material...
-
John Sheng, cost accountant at Starlet Company, is developing departmental manufacturing overhead application rates for the companys tooling and fabricating departments. The budgeted overhead for...
-
Calculate and Use Overhead Rate Bagley Corporation expects to incur \($450,000\) of factory over- head and \($600,000\) of general and administrative costs next year. Direct labor costs at \($20\)...
Study smarter with the SolutionInn App