Question

The following selected accounts were taken from the financial records of Santa Rosa Distributors at December 31, 2016. All accounts have normal balances.
Cash ................. $ 26,760
Accounts receivable ........... 47,700
Note receivable, due 2017 .......... 9,500
Merchandise inventory ............ 35,700
Prepaid insurance ............ 2,350
Supplies ................. 1,410
Equipment ............... 43,500
Accumulated depreciation, equipment .... 23,500
Note payable to bank, due 2017 ....... 35,000
Accounts payable ........... 13,050
Interest payable ............. 350
Sales .................. 530,000
Sales discounts ............. 3,200
Cost of goods sold .......... 348,540
Merchandise inventory at December 31, 2015 was $58,500. Based on the account balances above, calculate the following:
a. The gross profit percentage
b. Working capital
c. The current ratio
d. The inventory turnover



$1.99
Sales11
Views285
Comments0
  • CreatedAugust 08, 2014
  • Files Included
Post your question
5000