Use WeRBest Company’s comparative income statements… 1 answer below »
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additional information provided below to calculate the ratios listed below for 20-8 and 20-7. (Round to two decimal places) (20 points total) (a) Current ratio (b) Quick ratio (c) Accounts receivable turnover (d )Merchandise inventory turnover Additional information: 1. Assume all sales are on account. 2. The balance in Accounts Receivable (net) on December 31, 20-6 was $100,000. 3. The Merchandise Inventory balance on December 31, 20-6 was $950,000. Comparative Income Statement Totals 20-8 20-7 Increase / (decrease) Percent Increase / (decrease) Net sales $357,920 $228,750 $129,170 56.47% Cost of goods sold 110,975 97,830 13,145 13.44% Gross profit 246,945 130,920 116,025 88.62% Operating expenses: Selling expenses 29,850 43,110 -13,260 –30.76% Administrative expenses 52,325 50,000 2,325 4.65% Interest expense 2,500 1,085 1,415 130.41% Total operating expenses 84,675 94,195 -9,520 –10.11% Income before income taxes 162,270 36,725 125,545 341.85% Income tax expense 55,172 12,487 42,685 341.84% Net income $107,098 $24,238 $82,860 341.86%
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