Question

Apex, Inc. had sales revenue of $47 million, sales returns and allowances of $2 million, and sales discounts of $0.5 million in 2013. Cost of goods sold was $24 million, and net income was $7 million for the year. At December 31, the company had total assets of $36 million, of which total current assets amounted to $15 million. Apex’s current liabilities were $9 million and its long-term liabilities were $4 million.
Requirement
Compute Apex’s gross profit percentage and current ratio for 2013.


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  • CreatedJuly 08, 2015
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