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

question 61

Essay

Smart-T Incorporated had sales and cost of sales of $1,850,000 and $1,100,000 respectively in 2014. 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 2014.

---

Definitions:

Squirt

To eject liquid in a thin, fast stream through a narrow opening.

Classical Conditioning

A learning paradigm where two stimuli are unceasingly linked; initially, the response is triggered by the second stimulus, but with time, it is triggered by the first stimulus alone.

Neutral Stimulus

A stimulus that initially produces no specific response other than focusing attention.

Classical Conditioning

A reinforcement process where two stimuli are regularly conjoined; the response that is initially elicited by the second stimulus is later elicited by the first stimulus singularly.