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The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances.
Cash
$ 25,830
Accounts receivable
45,700
Note receivable, due 2020
7,500
Merchandise inventory
33,700
Prepaid insurance
2,150
Supplies
1,210
Equipment
41,500
Accumulated depreciation, equipment
21,500
Note payable to bank, due 2020
15,000
Accounts payable
34,250
Interest payable
150
Sales
520,000
Sales discounts
1,200
Cost of goods sold
334,110
Quetsion 1: Accounts Receivable at December 31. 2018, was $57,550. Merchandise inventory at December 31, 2018, was $56.600. 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.
e. The accounts receivable turnover. All sales were on credit.
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