LU 16-2a EXTRA PRACTICE QUIZ WITH WORKED-OUT SOLUTIONS From the following information, calculate: a. Net sales C. Gross profit from sales b. Cost of merchandise (goods) sold d. Net income Given: Gross sales, $36,000; sales returns and allowances, $2,800; beginning inventory. $5,900; net purchases, $6.800; ending inventory. $5,200; operating expenses, $8,100. U 16-3a EXTRA PRACTICE QUIZ WITH WORKED-OUT SOLUTIONS 1. Prepare a trend analysis from the following sales, assuming a base year of 2015. Round to the nearest whole percent. 2018 2017 2016 2015 Sales $25,000 $60,000 $50.000 $70,000 2. Given: Total current assets (CA), $14,000; accounts receivable (AR), $5,500; total cur- rent liabilities (CL), 59,000; inventory (Inv). $3,900; net sales, $36,500; total assets, $32,000; net income (ND). $8,000. Calculate: a. Current ratio. b. Acid test. C. Average day's collection. d. Profit margin on sales (round to the nearest hundredth percent)