答案和详解如下：

24.Given the following income statement and balance sheet for a company:

Balance Sheet
Assets	Year 2003	Year 2004
Cash	500	450
Accounts Receivable	600	660
Inventory	500	550
Total CA	1300	1660
Plant, prop. equip	1000	1250
Total Assets	2600	2910
Liabilities
Accounts Payable	500	550
Long term debt	700	1102
Total liabilities	1200	1652
Equity
Common Stock	400	538
Retained Earnings	1000	720
Total Liabilities & Equity	2600	2,910
Income Statement
Sales		3000
Cost of Goods Sold		(1000)
Gross Profit		2000
SG&A		500
Interest Expense		151
EBT		1349
Taxes (30%)		405
Net Income		944

What is the gross profit margin?

A)   0.666.

B)   0.333.

C)   0.472.

D)   1.500.

The correct answer was A)

Gross profit margin = gross profit/net sales = 2,000/3,000 = 0.666

25.Given the following income statement and balance sheet for a company:

Balance Sheet
Assets	Year 2003		Year 2004
Cash	500		450
Accounts Receivable	600		660
Inventory	500		550
Total CA	1300		1660
Plant, prop. equip	1000		1250
Total Assets	2600		2,910
Liabilities
Accounts Payable	500		550
Long term debt	700		1102
Total liabilities	1200		1652
Equity
Common Stock	400		538
Retained Earnings	1000		720
Total Liabilities & Equity	2600		2,910
Income Statement
Sales		3000
Cost of Goods Sold		(1000)
Gross Profit		2000
SG&A		500
Interest Expense		151
EBT		1349
Taxes (30%)		405
Net Income		944

What is the average receivables collection period?

A)   60.6 days.

B)   76.7 days.

C)   80.3 days.

D)   68.9 days.

The correct answer was B)

Avg. coll. per. = 365/receivables turnover
Receivables turnover = sales/avg. rec. = 3,000/630 = 4.76
Avg. receivables collection period = 365/4.76 = 76.65

24.Given the following income statement and balance sheet for a company:

What is the gross profit margin?

A)   0.666.

B)   0.333.

C)   0.472.

D)   1.500.

25.Given the following income statement and balance sheet for a company:

What is the average receivables collection period?

A)   60.6 days.

B)   76.7 days.

C)   80.3 days.

D)   68.9 days.