Question
The 2015 and 2016 balance sheets for Shadow Industries showed Cash of $7,600 and $9,100 respectively, Accounts Receivable of $16,000 and $18,000, respectively, Inventory of
The 2015 and 2016 balance sheets for Shadow Industries showed Cash of $7,600 and $9,100 respectively, Accounts Receivable of $16,000 and $18,000, respectively, Inventory of $11,000 and $8,000, respectively, and Accounts Payable of $5,300 and $7,300, respectively. Its 2016 Income Statement showed Net Sales of $103,000, Cost of Goods Sold of $65,000, and Net Income of $30,000. The cash conversion cycle for 2016 was: (Assume all Sales are credit sales. Round any intermediary calculations to two decimal places and your final answer to the nearest day.)
A. 42 days.
B. 78 days.
C. 149 days.
D. 28 days.
TNT Guitar's sales were $13,100 in 2016 and $11,600 in 2015. The percentage change in TNT's sales from 2015 to 2016 was: (Round your final answer to two decimal places, X.XX%.)
A. +12.93%.
B. -11.45%.
C. -12.93%.
D. +11.45%.
The sales of Sassycat, Inc. for the years 2014, 2015, and 2016 are $36,000, $59,000 and $76,000, respectively. If 2014 is the base year, the trend percentage for 2015 is: (Round your final answer to two decimal places, X.XX%.)
A. 163.89%.
B. 61.02%.
C. 128.81%.
D. 211.11%.
Everyday business activities are reported in the Income Statement's:
A. continuing operations section.
B. extraordinary items section.
C. continuing and discontinued operations section.
D. discontinued operations section.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started