Upton Computers101

Upton Computers101 - Upton Computers makes bulk purchases...

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Upton Computers makes bulk purchases of small computers, stock them in conveniently located warehouses, and ship them to its chain of retail stores. Upton’s balance sheet as of December 31, 2004, is shown here (millions): Cash $3.5 Accounts payable $9.0 Receivable 26.0 Notes Payable $18.0 Inventories 58.0 Accruals 8.5 Total Current Assets 87.5 Total Current liabilities 35.5 Net Fixed Assets 35.0 Mortgage Loan 6.0 Common Stock 15.0 Retained Earnings 66.0 Total Assets $122.5 Total liabilities and equity 122.5 Sales for 2004 were $350 million, while net income for the year was $10.5 million. Upton paid
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