29 Dec Use WeRBest Company’s comparative income statement
Use WeRBest Company’s comparative income statements and balance sheets and the 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 turnoverAdditional information: Assume all sales are on account. The balance in Accounts Receivable (net) on December 31, 20-6 was $100,000. 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:
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