2023 2022 2021 2020 Current assets $1,634 $6,036 $3,850 $1,495 Current liabilities 629 2,181 1,276 980 Net sales 3,940 10,342 5,778 4,404 Accounts receivable - gross 1,456 934 746 565 Allowance for doubtful accounts 168 34 17 14

2023 2022 2021 2020 Current assets $1,634 $6,036 $3,850 $1,495 Current liabilities 629 2,181 1,276 980 Net sales 3,940 10,342 5,778 4,404 Accounts receivable - gross 1,456 934 746 565 Allowance for doubtful accounts 168 34 17 14

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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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

3. average collection period for 2021 through 2023

GS&H had the following information on its financial statements for the fiscal years ended December 31. All figures are in millions of
Canadian dollars.
2023
2022
2021
2020
Current assets
$1,634
$6,036
$3,850
$1,495
Current liabilities
629
2,181
1,276
980
Net sales
3,940
10,342
5,778
4,404
Accounts receivable - gross
1,456
934
746
565
Allowance for doubtful accounts
168
34
17
14
Calculate the following for the company:
(1)
current ratio for 2020 through 2023
(2)
receivable turnover ratio for 2021 through 2023
ENG
6:55

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