hw3 - Homework#3 Due Tuesday E5-6 1 E5-12 2 P5-7A High...

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Homework #3 Due Tuesday, September 19, 2006 E5-6 1
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E5-12 2
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P5-7A High Point Department Store Income Statement (Partial) Year Ended December 31, 2005 Net Sales $710,000 Cost of Goods Sold (394,700) Gross Margin $315,300 BYP5-8 3
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E6-4 E6-8 4
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E6-10 5
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BYP6-11 6
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10. The following information is available for the Watkins Corporation. For the balance sheet accounts, the year-end amounts are given, the income statement amounts are for the year listed. 2002 2001 2000 Net Sales (total) $325,500 $290,400 $280,500 Net Credit Sales $120,700 $140,600 $150,200 Accounts Receivable $22,800 $19,400 $14,000 Cost of Goods Sold $210,200 $194,500 $185,300 Accounts Payable $40,700 $32,500 $35,200 Depreciation Expense $12,000 $12,800 $11,100 Inventory $65,300 $45,200 $31,600 a. Based on this information, calculate the inventory turnover, the receivables turnover, and the payables turnover for 2001 and 2002. 2001 Inventory turnover = 194,500/38,400 = 5.07 Receivables turnover = 290,400/16,700 = 17.4 Payables turnover = 194,500/33,850 = 5.75
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This note was uploaded on 03/03/2008 for the course ORIE 350 taught by Professor Callister during the Fall '08 term at Cornell.

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hw3 - Homework#3 Due Tuesday E5-6 1 E5-12 2 P5-7A High...

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