Answered step by step
Verified Expert Solution
Question
1 Approved Answer
E4-24A. Calculate gross profit percentage and current ratio (Learning Objective7) 10-15 min. Apex, Inc., had Sales Revenue of $47 million, Sales Returns and Allowances of
E4-24A. Calculate gross profit percentage and current ratio (Learning Objective7) 10-15 min. Apex, Inc., had Sales Revenue of $47 million, Sales Returns and Allowances of $2 million and Sales Discounts of $0.5 million in 2010. Cost of goods sold was $24 million, and net income was $7 million for the year. At December 31 , the company had total assets of $36 million of which total current assets amounted to $15 million. Apex's current liabilities were $9 million and its long-term liabilities were $4 million. Requirement 1. Compute Apex's gross profit percentage and current ratio for 2010
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started