| Problem 1 | |||||
| Required:Express each income statement component as a percentage of sales, and comment on the trends in each line from 2012 to 2013. | |||||
| 2013 | % Sales | 2012 | % Sales | Comments | |
| Sales | $ 1,000,000 | $ 1,200,000 | |||
| Cost of goods sold | $ 450,000 | $ 600,000 | |||
| Gross margin | $ 550,000 | $ 600,000 | |||
| Operating expenses | $ 600,000 | $ 450,000 | |||
| Net income | $(50,000) | $ 150,000 | |||
| Problem 2 | ||||
| Required:Compute (1) accounts receivable turnover for 2013, (2) the inventory turnover for 2013, and (3) the net margin for 2012. | ||||
| Balance sheet items | 2013 2012 | |||
| Accounts receivable | $ 380,000.00 | $ 376,000.00 | ||
| Allowance for doubtful accounts | $ (20,000.00) | $ (16,000.00) | ||
| Net accounts receivable | $ 360,000.00 | $ 360,000.00 | ||
| Inventory | $ 480,000.00 | $ 440,000.00 | ||
| Income statement items | ||||
| Sales | $ 3,400,000.00 | $ 3,080,000.00 | ||
| Cost of goods sold | $ 1,600,000.00 | $ 1,440,000.00 | ||
| Operating expenses | $ 780,000.00 | $ 680,000.00 | ||
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