Question
Selected balances from Crazy Music Corporation's records are as follows: Crazy Music Corp Partial Income Statement Information For the year ended December 31, Year 2
Selected balances from Crazy Music Corporation's records are as follows: Crazy Music Corp Partial Income Statement Information For the year ended December 31, Year 2 Sales (all on credit) $167,400 Cost of goods sold 83,400 Salaries Expense 24,000 Other Expense 11,600 Profit $48,400 Crazy Muzic Corp. Comparative Balance Sheet December 31, Year 2 Year 1 Cash $3,000 $2,200 Accounts receivable (net) 15,000 18,000 Merchandise inventory 6,900 4,300 Property, plant and equipment (net) 168,200 145,000 Total Assets $192,900 $169,500 Salaries payable $1,900 Required Use the information presented above to calculate the following for year 2: a. Merchandise turnover b. Days' sales in inventory c. Profit margin d. Return on total assets
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