Brutal Q balance, accounts, following, only, 2004

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Johnson Corp. had the following financial results for the fiscal 2004 year:

Current ratio - 2.00

Quick ratio - 1.25

Current liabilities - $100,000

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:

A) $300,000.

B) $1,200,000.

C) $900,000.