ACCT 212 Chapter Notes - Chapter 13: Asset, Asset Turnover
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Use the financial data shown below to calculate the followingratios for the current year:
(a) Current ratio
(b) Acid-test ratio
(c) Accounts receivable turnover
(d) Days' sales uncollected
(e) Inventory turnover
(f) Days' sales in inventory
Income statement data | ||
Sales | $650,000 | |
Cost of goods sold | 425,000 | |
Income before taxes | 78,000 | |
Net income | 54,600 | |
Ending Balances | Beginning Balances | |
Cash | $ 19,500 | $ 15,000 |
Accounts receivable (net) | 65,000 | 60,000 |
Inventory | 71,500 | 64,500 |
Plant and equipment (net) | 195,000 | 183,900 |
Total assets | $351,000 | $323,400 |
Current liabilities | $ 62,400 | $ 52,700 |
Long-term notes payable | 97,500 | 100,000 |