Income Statement

For the Year Ended December $31,2016$

Revenue $($all on credit$)$

Less: Cost of Goods Sold

Gross Margin

Operating Expenses:

Selling Expenses

Administrative Expenses

Bad Debt Expense

Other Operating Expenses

Total Operating Expenses

Net Income

$$275,000$

$123,750$

$151,250$

$\backslash$table$[[5,500],[30,250],[8,250],[48,500]]$

Bella's Bead Shop

Balance Sheet

For the Year Ending December $31,2016$

Assets:

Current Assets:

$\backslash$table$[[$Cash$,14,000],[$Accounts Receivable,$28,000],[$Office Supplies,$8,000],[$Inventory$,12,100],[$Prepaid Insurance,$300]]$

Total Current Assets

Property, Plant and Equipment:

Land

Building, net

Equipment, net

Total Property, Plant, Equip.

Total Assets

Current Liabilities:

Notes Payable

Unearned Revenue

Total Cur. Liab.

Long$-$Term Liabilities:

Notes Payable

Tot.. Lg$-$Term Liab.

Equity

Common Stock

Retained Earnings

Total Owners' Equity

Tot. Liab. and Own. Eq$.$

$62,400$

$[18,000],[160,000],[40,000]$

$218,{000}_{?}$

$24,000$

$9,500$

$33,500$

$48,000$

$48,000$

$12,000$

$186,{900}_{?}$

$198,900280,{400}_{?}$

Calculate accounts receivable turnover, and days sales outstanding. Accounts receivable on $\frac{12}{31}\frac{?}{15}$ was $$27,000.$

Accounts receivable turnover:

Days sales outstanding