Reference no: EM132469973
Problem - The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances.
Cash $24,900
Accounts receivable 46,900
Note receivable, due 2020 8,700
Merchandise inventory 34,900
Prepaid insurance 2,270
Supplies 1,330
Equipment 42,700
Accumulated depreciation, equipment 22,700
Note payable to bank, due 2020 27,000
Accounts payable 20,330
Interest payable 270
Sales 526,000
Sales discounts 2,400
Cost of goods sold 402,810
Accounts Receivable at December 31, 2018, was $53,050. Merchandise inventory at December 31, 2018, was $57,700.
Required - Based on the account balances above, calculate the following:
1. The gross profit percentage.
2. Working capital.
3. The current ratio.
4. The inventory turnover.
5. The accounts receivable turnover. All sales were on credit.
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