Aspero, Inc., has sales of approximately $500,000 per year. Aspero requires a short-term loan of $100,000 to finance its working capital requirements. Two banks are considering Aspero’s loan request but each bank requires certain minimum conditions be satisfied. Bank America requires at least a 25% gross margin on sales, and Bank Boston requires a 2:1 current ratio. The following information is available for Aspero for the current year:

Answer rating: 100% (QA)

Required solution Purchase 400000 Sales return 50000 Purchase return 8000 Sales discount 1000... View the full answer