Which of the following statements is not correct? (Points : 5)
The gross profit percentage is calculated by dividing the gross profit for the year by the net sales for the year.
... average inventory is calculated by adding the beginning inventory to the ending inventory and dividing the sum by 2.
A current ratio of 3.5 to 1 means that a firm has $3.50 in current liabilities for every $1 of current assets.
All of these statements are correct.
This question has not been answered. Can you answer it? Please add your answer below ...
(See complete conversation and new answers below)
There are no new answers.