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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

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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