FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Bookkeeping
Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.
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atios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.) 2019 -X XX.) ac Data Table sale (In millions) XX.XX and the nex 2020 2019 2018 Balance sheet Current assets: Cash 24 95 $ 65 $ 45 ed fro Investment in trading securities 125 160 125 2019 Receivables, net of allowance for uncollectible accounts of $7, $6, and $4, respectively ding 290 270 230 vavs fol Inventories 355 360 325 s and t Prepaid expenses 90 10 55 Total current assets 24 955 $ 865 $ 780 Total current liabilities 2$ 570 $ 625 $ 680 Income statement Net sales (all on account) $ 7,280 $ 5,500 $ 4,380 Print Done 99+
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Transcribed Image Text:atios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.) 2019 -X XX.) ac Data Table sale (In millions) XX.XX and the nex 2020 2019 2018 Balance sheet Current assets: Cash 24 95 $ 65 $ 45 ed fro Investment in trading securities 125 160 125 2019 Receivables, net of allowance for uncollectible accounts of $7, $6, and $4, respectively ding 290 270 230 vavs fol Inventories 355 360 325 s and t Prepaid expenses 90 10 55 Total current assets 24 955 $ 865 $ 780 Total current liabilities 2$ 570 $ 625 $ 680 Income statement Net sales (all on account) $ 7,280 $ 5,500 $ 4,380 Print Done 99+
comparative financial statements of Gold Pools, Inc., for 2020, 2019, and 2018 included the following select data: (Click the icon to view the comparative financial data.) ad the equirements quirement 1. a. Compute the current ratios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.) 2020 2019 urrent ratio = Requirement 1. b. Compute the quick (acid-test) ratios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.) 2020 2019 Quick (acid-test) ratio = Requirement 1. c. Compute the days' sales outstanding for 2020 and 2019. (Round interim calculations to two decimal places, XX XX and the amounts you into the answer boxes (DSO) up to the next whole day.) 2020 2019 Days' sales outstanding (DSO) = days days Requirement 2. Which ratios improved from 2019 to 2020 and which ratios deteriorated? Is this trend favorable or unfavorable? The current ratio V from 2019 to 2020. The quick ratio v from 2019 to 2020. The days' sales outstanding This trend V the company. Requirement 3. Recommend two ways for Gold Pools to improve cash flows from receivables. Enter any number in the edit fields and then continue to the next question. del & 7 * 24 % ba 8. R Y H. J K L 5
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Transcribed Image Text:comparative financial statements of Gold Pools, Inc., for 2020, 2019, and 2018 included the following select data: (Click the icon to view the comparative financial data.) ad the equirements quirement 1. a. Compute the current ratios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.) 2020 2019 urrent ratio = Requirement 1. b. Compute the quick (acid-test) ratios for 2020 and 2019. (Round your final answers to two decimal places, X.XX.) 2020 2019 Quick (acid-test) ratio = Requirement 1. c. Compute the days' sales outstanding for 2020 and 2019. (Round interim calculations to two decimal places, XX XX and the amounts you into the answer boxes (DSO) up to the next whole day.) 2020 2019 Days' sales outstanding (DSO) = days days Requirement 2. Which ratios improved from 2019 to 2020 and which ratios deteriorated? Is this trend favorable or unfavorable? The current ratio V from 2019 to 2020. The quick ratio v from 2019 to 2020. The days' sales outstanding This trend V the company. Requirement 3. Recommend two ways for Gold Pools to improve cash flows from receivables. Enter any number in the edit fields and then continue to the next question. del & 7 * 24 % ba 8. R Y H. J K L 5
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