Reference no: EM132824573
The following selected accounts were taken from the financial records of Sonoma Valley Distributors at December 31, 20X1. All accounts have normal balances.
Cash$31,340
Accounts receivable 67,900
Note receivable, due 20X2 10,250
Merchandise inventory 36,000
Prepaid insurance 4,350
Supplies 1,410
Equipment 63,500
Accumulated depreciation, equipment 23,500
Note payable to bank, due 20X2 34,000
Accounts payable 27,000
Interest payable 350
Sales 545,500
Sales discounts 3,400
Cost of goods sold 348,540
Problem 1: Accounts Receivable at December 31, 20X0, was $52,550. Merchandise Inventory at December 31, 20X0, was $58,200. 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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