Question
The records of KATINKO CO. showed the following information: Accounts receivable, net, Jan. 1, 20x1 40,000 Accounts receivable, net, Dec. 31, 20x1 160,000 Accounts receivable
The records of KATINKO CO. showed the following information:
Accounts receivable, net, Jan. 1, 20x1 | 40,000 | |
Accounts receivable, net, Dec. 31, 20x1 | 160,000 | |
Accounts receivable turnover | 5:1 | |
Inventory, Jan. 1, 20x1 | 120,000 | |
Inventory, Dec. 31, 20x1 | 80,000 | |
| Inventory turnover (4:5:1)
How much is the gross profit for the year?
a. 120,000 b. 130,000 c. 150,000 d. neither A, B, or C |
|
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The Internal Auditor At Work A Practical Guide To Everyday Challenges
Authors: K. H. Spencer Pickett
1st Edition
0471458392, 978-0471458395
