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Vera_Pavlovna [14]
3 years ago
6

Oil Creek Auto has sales of $3,340, net income of $274, net fixed assets of $2699, and current assets of $836. The firm has $417

in inventory. What is the common-size statement value of inventory? Express your answer as a DECIMAL, with at least THREE digits to the right of the decimal
Business
1 answer:
Rom4ik [11]3 years ago
8 0

Answer:

inventory = 0.125

Explanation:

It is asking us to express the inventory as a percent of sales

Th common-size statement refer to express each valeu a percent of sales:

Sales            3,340   100.000%

income           274         8.234%  (274 divided by 3340 times 100)

fixed assets 2,699      80.809%

current assets 836     25.030%

Inventory         417       0.12485  (417/3,340)

the answer should be a decimal so we don't covert to percent.

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4 years ago
Analytical procedures are audit methods of evaluating financial statement accounts by studying and comparing relationships among
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identify conditions to be explored all the more altogether

Explanation:

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3 years ago
This year Andrews achieved an ROE of 24.5%. Suppose next year the profit margin (Net Income/Sales) decreases. Assuming sales, as
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Answer:

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A new retail associate in another department asks you about the features of the merchandise in his department. you just explaine
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Answer:

Explanation:

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Dr Cash                   10,500

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Being cash sales made

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Dr Prepaid Insurance account    4,000

   Cr Cash                                      4,000

Being payment for the prepaid insurance

Purchase musical equipment for $17,000 cash.

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Being purchase of equipment

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Dr Cash                                39,000

  Cr     Loan note (liability)  39,000

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