Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries payable 4 Income tax payable Total current liabilities (a1) a. $8,600 Current ratio 12,900 b. Quick ratio 145,000 5,200 $171,700 $53,300 3,600 1,000 $57,900 $30,100 10,300 2024 105,000 6,900 $152,300 $40,400 5,000 1,000 $46,400 $27,100 7,700 100,000 5,600 $140,400 During 2024, credit sales and cost of goods sold were $138,040 and $82,500, respectively. The 2023 and 2022 credit sales were $151,200 and $151,840, respectively, and the cost of goods sold for the same periods were $79,950 and $82,325, respectively. The accounts receivable and inventory balances at the end of 2021 were $6,900 and $85,000, respectively. $28,400 3,200 Using the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decimal place, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal places, e.g. 15.25. Use 365 days for calculation.) 1,700 $33,300 2023 :1 2022 :1

Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries payable 4 Income tax payable Total current liabilities (a1) a. $8,600 Current ratio 12,900 b. Quick ratio 145,000 5,200 $171,700 $53,300 3,600 1,000 $57,900 $30,100 10,300 2024 105,000 6,900 $152,300 $40,400 5,000 1,000 $46,400 $27,100 7,700 100,000 5,600 $140,400 During 2024, credit sales and cost of goods sold were $138,040 and $82,500, respectively. The 2023 and 2022 credit sales were $151,200 and $151,840, respectively, and the cost of goods sold for the same periods were $79,950 and $82,325, respectively. The accounts receivable and inventory balances at the end of 2021 were $6,900 and $85,000, respectively. $28,400 3,200 Using the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decimal place, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal places, e.g. 15.25. Use 365 days for calculation.) 1,700 $33,300 2023 :1 2022 :1

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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