Smart-T Incorporated Had Sales and Cost of Sales of $1,850,000

question 8

Essay

Smart-T Incorporated had sales and cost of sales of $1,850,000 and $1,100,000 respectively in 2017.The company had shareholders equity of $925,000,liabilities of $775,000 and assets of $1,700,000.Included in Smart-T's assets was inventory valued at $100,000 which was a $50,000 increase from the previous year's holdings.
Calculate Smart-T's gross profit percentage and inventory turn over for 2017.

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Definitions:

Disparity

The existence of inequalities or differences between groups, regions, or countries, often in terms of economic, social, or health outcomes.

Transitory Income

Income that is temporary or not expected to continue at the same level in future periods, such as one-time bonuses or inheritances.

Permanent Income

A theory suggesting that people's spending choices are better determined by their long-term average income rather than their current income.

Purchasing Decisions

The choice process by consumers or organizations regarding the identification, comparison, and selection of products or services.