Selected data from the year end financial statements of Sister Corporation are presented below : ( The difference between average and ending inventories is immaterial).  Current ratio              3         Quick ratio        2.5  Current liabilities P400,000   Inventory turnover 10X  Gross Profit margin is 40%          Sister’s  net sales for the year  were : a. P 2.00 million   c. P 5.0 million b. 20 million     d.     3.3 million

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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  1. Selected data from the year end financial statements of Sister Corporation are presented below : ( The difference between average and ending inventories is immaterial).

 Current ratio              3         Quick ratio        2.5

 Current liabilities P400,000   Inventory turnover 10X

 Gross Profit margin is 40%

         Sister’s  net sales for the year  were :

a. P 2.00 million   c. P 5.0 million

b. 20 million     d.     3.3 million

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