Reference no: EM132999052
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
Required:
Problem 1. Compute the inventory turnover. (Round your answer to 2 decimal places.)
Problem 2. Compute the accounts receivable turnover. (Round your answer to 2 decimal places.)
Problem 3. Compute the total operating expenses.
Problem 4. Compute the gross profit percentage. (Round your answer to nearest whole percentage. i.e.0.123 as 12%.)
Problem 5. Compute the return on average stockholders' equity. (Round your percentage answer to 1 decimal place. i.e. 0.1234 as 12.3%.)
Problem 6. Compute the return on average assets.
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