单选题
Johnson Corp. had the following financial results for the fiscal 2004 year:
|
Current ratio
|
2.00
|
|
Quick ratio
|
1.25
|
|
Current liabilities
|
$100000
|
|
Inventory turnover
|
12
|
|
Gross profit %
|
25
|
The only current assets are cash, accounts receivable, and inventory. The balance in these accounts has remained constant throughout the year. Johnson"s net sales for 2004 were:
【正确答案】
C
【答案解析】The 25% GP indicates that the cost of goods sold is 75% of sales. The inventory is derived from the difference between current ratio and the quick ratio. The current ratio indicates that the current assets are $ 200000 and the quick assets are $125000. The difference represents the inventory of $ 75000. The inventory turnover is used to obtain cost of goods sold of $ 900000. The cost of goods sold is 75% of sales, indicating that sales are $1200000.