Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 9.00

Harrison Electronics,

At the end of the year, the following information was obtained from the accounting records of Harrison Electronics, Inc.

      
  Sales (all on credit) $ 2,750,000
  Cost of goods sold   1,781,000
  Average inventory   375,000
  Average accounts receivable   282,000
  Interest expense   45,000
  Income tax expense   84,000
  Net income   159,000
  Average investment in assets   1,800,000
  Average stockholders' equity   895,000
 
Instructions

a.

1.

Compute the inventory turnover from the given information. (Round your answer to 2 decimal places.)

2.

Compute the accounts receivable turnover from the given information. (Round your answer to 2 decimal places.)

3.

Compute the total operating expenses from the given information.

.

Compute the gross profit percentage from the given information. (Round your answer to nearest whole percentage. i.e.0.123 as 12%.)Compute the return on average stockholders' equity from the given information. (Round your percentage answer to 1 decimal place. i.e. 0.1234 as 12.3%.)

6.

Compute the return on average assets from the given information. (Round your answer to nearest whole percentage. i.e.0.123 as 12%.)

Please show each step how to solve

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 03:08 PM My Price 9.00

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