1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
marissa [1.9K]
2 years ago
11

Selected financial statement data for Schmitzer Inc. is shown below: 2021 2020 Balance sheet: Inventories 75,000 63,000 Ratios:

Gross profit ratio for 2021 40 % Inventory turnover ratio for 2021 6 What was the amount of net sales for 2021
Business
1 answer:
kondaur [170]2 years ago
7 0

The amount of net sales for 2021 is $1,035,000.

Average inventory = (Beginning inventory + Ending inventory) / 2

Average inventory = ($63,000 + $75,000) /2

Average inventory = $69,000

  • The formula for Inventory turnover ratio is <em>{Cost of goods sold/Average inventory]</em>

6 = Cost of goods sold / $69,000

Cost of goods sold = $414,000

Given Gross profit ratio is 40%: Gross profit = 40% on sales

Let the sales be $K

Gross profit = Sales - Cost of goods sold

0.4K = K - $414,000

0.4K = $414,000

K = $414,000 / 0.4

K = $1,035,000

Therefore, the amount of net sales for 2021 is $1,035,000.

See similar solution here

<em>brainly.com/question/14161287</em>

You might be interested in
A __________ represents a long-term partnership between two or more companies established to help each firm build competitive ma
Sveta_85 [38]

A<u> strategic alliance</u> represents a long-term partnership between two or more companies established to help each firm build competitive market advantages.

long-term partnership agreements regularly incorporate provisions that require consent from the opposite companions earlier than a brand new accomplice is added -- in large part to make certain that the unique harmony and electricity stays intact.

Long-time period relationships have a tendency to remain everywhere from to a few years, with couples breaking apart round this time.

A long-term partnership purchaser dating way which you paint on constructing a dating together along with your clients to create high-stage loyalty to your company. That's the exception that your commercial enterprise can get on the street to success.

Learn more about the long-term partnerships here: brainly.com/question/15913927

#SPJ4

6 0
1 year ago
Which phrase best describes the purpose of a slide master? Check all that apply.
Ksju [112]

Answer: to establish the layout of all slides, or a group of slides, in a presentation.

to determine the theme of all slides, or a group of slides, in a presentation.

to allow users to apply changes in layout or theme to an entire presentation.

Explanation:

It should be noted that the Slide Master refers to the top slide which controls the information regarding the background, fonts, theme, layout, and color of all the slides in Microsoft PowerPoint.

The phrase best describes the purpose of a slide master include:

• to establish the layout of all slides, or a group of slides, in a presentation.

• to determine the theme of all slides, or a group of slides, in a presentation.

• to allow users to apply changes in layout or theme to an entire presentation.

Therefore, the correct options are C, D and F.

8 0
3 years ago
When can interest be included in the acquisition cost of a plant asset?
hammer [34]

Answer:

a. during the the construction period of a self-constructed asset

Explanation:

"Determining the cost of constructing a new building is often more difficult. Usually this cost includes architect’s fees; building permits; payments to contractors; and the cost of digging the foundation. Also included are labor and materials to build the building; salaries of officers supervising the construction; and insurance, taxes, and interest during the construction period."

Reference: Porter, Debbie, and Tidewater Community College. “Principles of Accounting I.” Lumen, 2019,

7 0
3 years ago
Whats a good way to make more money from $9.00,
Ymorist [56]
Your answer: work more hours
7 0
3 years ago
Marika received a tip from a close friend who is an executive manager of a publicly traded company called MicroGreen Inc. The ma
saveliy_v [14]

Answer:

<u>Information asymmetry.</u>

Explanation:

Information asymmetry is characterized as a market failure that causes power imbalance. This occurs when some party involved has more information than another party.

This situation is becoming more widespread in microeconomics, as it interferes with the classic concept that the free market must follow the concept of perfect competition.

But information asymmetry is a market failure that directly impacts business relationships, and causes cases of adverse selection and moral hazard.

Ideally, there should be greater transparency in the financial statements that are required to be published so that the risk of information asymmetry between the company and investors is reduced.

7 0
3 years ago
Other questions:
  • On january 2, fafnir co. purchased a franchise with a finite useful life of 10 years for $50,000. an additional franchise fee of
    9·1 answer
  • Pure &amp; Natural Inc. sells six different brands of laundry detergent. The products under different brands are tailored to mee
    9·1 answer
  • Amanda Manufacturing Company prepared the following static budget income statement: Revenues $ 125,000 Variable Costs (75,000) C
    11·1 answer
  • Deployment Specialists pays a current (annual) dividend of $1 and is expected to grow at 22% for two years and then at 5% therea
    5·1 answer
  • Ming is a manager for a large food service company. She has the authority to determine whether or not the company should expand
    13·1 answer
  • An industry dominated by a few firms, where each of those firms recognizes that its own choices will affect the choices of its r
    14·1 answer
  • The government of a small country has made it mandatory for international banks and insurance firms to obtain the consent of ind
    7·1 answer
  • Define the term Agriculture​
    8·2 answers
  • Under the UCC Sales Article, which of the following statements is correct concerning a contract involving a merchant seller and
    10·1 answer
  • 6. A listing broker should:
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!