Assume that Gallant Company uses a periodic inventory system and has these account balances: Purchases $484,050, Purchase Returns and Allowances $12,430, Purchase Discounts $9,150, and Freight-In $16,520.
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Determine the current ratio if current assets total $150,000, non-current assets are $205,000, current liabilities total $60,000, long-term liabilities total $80,000, and shareholder's equity totals $215,000.
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