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Selected data from the financial statements of Crossette Garden Centre is provided below. 2017 2016 Accounts receivable $70 000 $46 000 Inventory 10 000 17
Selected data from the financial statements of Crossette Garden Centre is provided below.
| 2017 | 2016 |
Accounts receivable | $70 000 | $46 000 |
Inventory | 10 000 | 17 000 |
Total assets | 470 000 | 360 000 |
Net sales | 350 000 | 270 000 |
Cost of goods sold | 170 000 | 220 000 |
Which of the following would result from an analysis of the company's statement of comprehensive income?
Net Sales increased $80 000 or 33.63% during 2017 | ||
Gross profit is 57.90% of net sales for 2017 | ||
Accounts receivable is 14.89% of total assets for 2017 | ||
Cost of goods sold is 44.75% of net sales for 2017 |
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