Reference no: EM132517326
Question - Selected amounts from the accounting records of Cuppa Tea Gift Emporium are listed here:
Inventory, May 31, 2008 $ 28,000
Earl Gray, Withdrawals 12,000
Cost of Goods Sold 180,720
General and Administrative Expenses 32,050
Interest Revenue 5,100
Accounts Payable 18,500
Sales Returns and Allowances 3,200
Inventory, May 31, 2007 32,240
Earl Gray, Capital, May 31, 2008 229,600
Sales Discounts 10,600
Accumulated Depreciation, Building 17,800
Sales Revenue 315,000
Selling Expenses 28,700
Unearned Sales Revenue 5,600
Requirements -
1. Prepare the business's multistep income statement for the year ended May 31, 2008.
2. Compute the rate of inventory turnover for the year. In 2007, the turnover rate was 5.7 times. Is the turnover rate improving or deteriorating during these two years?
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