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problem: Scully Corporation's comparative balance sheets are presented below.

SCULLY CORPORATION

Balance Sheets

31-Dec

 

2008

2007

Cash

$4,300

$3,700

Accounts receivable

21,200

23,400

Inventory

10,000

7,000

Land

20,000

26,000

Building

70,000

70,000

Accumulated depreciation

-15,000

-10,000

Total

$110,500

$120,100

Accounts Payable

$12,370

$31,100

Common Stock

75,000

69,000

Retained earnings

23,130

20,000

Total

$110,500

$120,100

Scully's 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, & net income of $15,000.

Instructions

find out the following ratios for 2008.
[A] Receivables turnover= Net credit sales / Average net receivables
[B] Inventory turnover
Inventory turnover = Cost of goods sold / Average inventory

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922526

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