Financial statement data for years ending December 31 for Tango Company follow:   20Y7 20Y6 Cost of goods sold $3,791,255 $4,079,970 Inventories:       Beginning of year 773,800 737,300   End of year 839,500 773,800 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place.   20Y7 20Y6 Inventory turnover     b. Determine the number of days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place.   20Y7 20Y6 Number of days’ sales in inventory  days  days c. Are the changes in inventory turnover and the number of days’ sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?

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A:

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is