The following selected accounts were taken from the financial records of Santa Barbara Distributors at December 31, 2013. All accounts have normal balances.
Cash | $ 22,500 |
Accounts receivable | 46,700 |
Note receivable, due 2014 | 8,500 |
Merchandise inventory | 34,700 |
Prepaid insurance | 2,250 |
Supplies | 1,310 |
Equipment | 42,500 |
Accumulated depreciation, equipment | 22,500 |
Note payable to bank, due 2014 | 25,000 |
Accounts payable | 21,134 |
Interest payable | 250 |
Sales | 525,000 |
Sales discounts | 2,200 |
Cost of goods sold | 392,100 |
Merchandise inventory at December 31, 2012 was $57,558. 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
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