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hq company s condensed financial statements provide the following information income 4236362

HQ Company’s condensed financial statements provide the following information.INCOME STATEMENTFOR THE YEAR ENDED 2014Sales …………….. $2,608,000Cost of goods sold ………. (1,673,000)Gross profit ………… 935,000Selling and administrative expense ….. (581,000)Interest expense ……….. (26,000)Net income ………… $ 328,000Instructions(a) Determine the following for 2014.(1) Current ratio at December 31.(2) Acid-test ratio at December 31.(3) Accounts receivable turnover.(4) Inventory turnover.(5) Rate of return on assets.(6) Profit margin on sales.(b) Prepare a brief evaluation of the financial condition of HQ Company and of the adequacy of itsprofits.
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HQ Company s condensed financial statements provide the followin

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