Question
The following financial information is for Alpha Corporation for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account 2017 2016 Accounts Receivable
The following financial information is for Alpha Corporation for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account | 2017 | 2016 |
Accounts Receivable | $9,800 | $9,400 |
Inventory | 30,000 | 16,000 |
Net Sales (all credit) | 85,000 | 71,000 |
Cost of Goods Sold | 62,000 | 52,000 |
Net Income | 7,200 | 6,900 |
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
4. Profit Margin
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Accounting Principles Part 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
6th Canadian edition
1118306783, 978-1118728918, 1118728912, 978-1118306789
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