sale XX.XX nex 2020 2019 2018 Balance sheet Current assets: Cash 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 fo Inventories 355 360 325 s and t Prepaid expenses 90 10 55 Total current assets 955 $ 865 $ 780 Total current liabilities 570 $ 625 $ 680 Income statement Net sales (all on account) $ 7,280 $ 5,500 $ 4,380 Print Done %24 %24 %24

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please fill in blanks
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+
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
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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