Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the inventory turnover ratio for 2018 i got 1.8? is it correct Green Thumb Garden Supplies reported the following information for 2017 and

image text in transcribed what is the inventory turnover ratio for 2018 i got 1.8? is it correct
Green Thumb Garden Supplies reported the following information for 2017 and 2018. 2018 2017 Assets Cash $ 50,000 $ 45,000 Accounts receivable 35,000 25,000 Inventory 25,000 20,000 Property, plant, and equipment 240.000 210.000 Total assets $350,000 $300.000 Liabilities and Shareholders' Equity Current liabilities Non-current liabilities Shareholders' equity-common Total liabilities and shareholders' equity $ 65,000 $ 60,000 110,000 90,000 175.000 150.000 $350,000 $300,000 Income statement for 2018 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense Net income $95,000 45.000 50,000 15.000 35,000 5.000 $30,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: Alan Millichamp, John Taylor

10th Edition

1408044080, 978-1408044087

More Books

Students also viewed these Accounting questions

Question

DO CONTRACT WORKERSGETTHE SAME ENTITLEMENTS AS EMPLOYEES?

Answered: 1 week ago

Question

2.5 Describe the purpose of employment equity programs.

Answered: 1 week ago