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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 $
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. Based on the account balances above, calculate the following:
- The gross profit percentage.
- Working capital.
- The current ratio.
- The inventory turnover.
- The accounts receivable turnover. All sales were on credit.
Can you please solve it's one question.
Complete this question by entering your answers in the tabs below. Required a Required b Required c Required d Required e The gross profit percentage. Gross Profit Percentage Gross Profit Percentage Choose Numerator Choose Denominator Reued Required b d. Ihe inventory turnover eBook e. The accounts receivable turnover. All sales were on credit. Hint Complete this question by entering your answers in the tabs below. Print Required a Required b Required c Required e Required d References Working capital. Working Capital Choose Numerator Choose Denominator Working capitalStep by Step Solution
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