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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 28
Calculating ratios.
The following selected accounts were taken from the financial records of Santa Barbara Distributors at December 31, 2013. All accounts have normal balances.
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
The following selected accounts were taken from the financial records of Santa Barbara Distributors at December 31, 2013. All accounts have normal balances.
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
Explanation
Verified
Verified
a)
Calculate gross profit ratio:
The G...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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