Financial accounting questions,need answer Financial information is presented be

Question

Financial accounting questions,need answer

Financial information is presented below: Operating expenses $ 35,000 Sales returns and allowances 12,000 Sales discounts 3, 000 Sales revenue 140, 000 Cost of goods sold 85, 000 The profit margin would be .32 .16 .03 .04 Use the following information regarding Black Company and Red Company to answer the question "Which amount is equal to Black Company's "days in inventory" for 2014 (to the closest decimal place)?" 35.1 days 34.1 days 82.5 days 29.5 days In the month of November Gavin Company Inc. wrote checks in the amount of $37, 000. In December, checks in the amount of $50, 632 were written. In November, $33, 872 of these checks were presented to the bank for payment, and $43, 532 in December. What is the amount of outstanding checks at the end of December? $7, 100 $10, 228 $3, 128 $14, 200 An inventory turnover that is too high may indicate that the company is losing sales opportunities because of inventory shortages. True or False Use the following information regarding Black Company and Red Company to answer the question "Which of the following is Red Company's "cost of goods sold" for 2014 (to the closest dollar)?" $222, 684 $235, 125 $224, 580 $214, 035

Explanation / Answer

1) Net profit = $5000

Profit margin = 5000/125000 = 0.04

d. 0.04

2) Black company's Day inventory = 365/10.4 = 35.10 days

a. 35.10 days

3) B. $10,228

4) False

5) Avg inventory =( 24750+22530)/2 = $23640

Red company's cost of good sold = 23640*9.5 = $224,580

c. $224580

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