Question
Selected data from the year-end financial statements of Sister Corporation are presented below: (The difference between average and ending inventories is immaterial). Current ratio3Quick ratio2.5
Selected data from the year-end financial statements of Sister Corporation are presented below: (The difference between average and ending inventories is immaterial).
Current ratio3Quick ratio2.5
Current liabilities P400,000Inventory turnover 10X
Gross Profit margin is 40%
Sister's net sales for the yearwere :
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Canadian Cases In Financial Accounting
Authors: Carol E. Dilworth, Joan E. D. Conrod
2nd Edition
256111405, 978-0256111408
