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Delta Company November 30 ...

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Accounting

Delta Company
November 30
Balance Sheet 2013 2014
Cash $160 $300
Accounts Receivable $420 $480
Inventory $500 $730
Equipment $2,000 $2,500
Less Accumulated Depreciation $(1,000) $(1,200)
Total Assets $2,080 $2,810
Accounts payable $280 $310
Other current liabilities $300 $500
Notes payable Long Term $600 $700
Common Stock $400 $600
Retained Earnings $500 $700
Total liabilities and stockholders' equity $2,080 $2,810
Income statement
Net sales $1,550 $1,840
Cost of goods sold 920 1060
Gross margin 630 780
Expenses:
Salaries 200 250
Warehousing costs 90 120
Advertising 120 70
Taxes 45 75
Total expenses 455 515
Net income $175 $265
Calculate the following for the year 2014:
1. Current Ratio
2. Accounts Receivable Turnover
3. Inventory Turnover

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