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777dan777 [17]
3 years ago
15

Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet da

ta are as of the end of the fiscal year (in millions). 2020 2019 Net sales $5,451 $5,300 Cost of goods sold 3,801 3,601 Net income 65 140 Accounts receivable 65 102 Inventory 1,250 1,350 Total assets 2,950 3,150 Total common stockholders’ equity 951 1,080 Compute the following ratios for 2020
a. Profit margin
b. Asset turnover
c. Return on assets
d. Return on common stockholders’ equity
e. Gross profit rate
Business
1 answer:
umka21 [38]3 years ago
8 0

dont cheat on you test just because everyone is in online school because of the coronavirus

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The following transactions occurred during July:1. Received $1,200 cash for services performed during July.2. Received $6,400 ca
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Answer:

The amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

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The applicable accounting concept here is accrual concept.

Accrual concept states that revenue is recognized when it is earned and expenses are also recognized when they are incured no matter when cash is received or paid.

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