Assume that Job Goh and George Wong report current annual sales at approximately $50,000 and disclose the following income statement and balance sheet for the fiscal year ended July 31 2015.
Jon and George sell to various individuals and retailers, ranging from small shops to large chains. They assume that net sales are expected to grow at a rate of 10% for the next year. Assume that cost of sales, all asset items and accounts payable varies directly with sales.
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