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.

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