Name: Date: When the calculations for Net sales, Cost of goods sold, and Net income are correct, the cells wil change to yellow. Following is an incomplete current-year income statement. Detemine Net Sales, Cost of goods sold and Net Income. Additional information follows: 1. Retum on total assets is 16% (average total assets is $68,750). 2. Inventory tumover is 5 (average inventory is $6,000). 3. Accounts receivable tumover is 8 (average accounts receivable is $6,250). Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income

Name: Date: When the calculations for Net sales, Cost of goods sold, and Net income are correct, the cells wil change to yellow. Following is an incomplete current-year income statement. Detemine Net Sales, Cost of goods sold and Net Income. Additional information follows: 1. Retum on total assets is 16% (average total assets is $68,750). 2. Inventory tumover is 5 (average inventory is $6,000). 3. Accounts receivable tumover is 8 (average accounts receivable is $6,250). Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 15BEA: Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000....

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