1. At December 31,2021, Rey's current ratio was?2. At December 31,2021,Rey's quick (acid test) ratio was?3. For 2021, Rey's accounts receivable turnover was? 1s no yd bezu boheg pritnuo inom-ST antno 20ne ono 10ey 1obneloo ert Rey, Inc. onioo 2oinogmoo teom yd bodorlto eo no abne 1dt 10eyentonozpe oole o pnhub Dey losal 2DSelected Financial Datale jovewort22enizud oDecember 31Cash-Accounts receivable (net)-Merchandise inventoryShort-term marketable securities2021P 170,000450,000540,00080,0002020P 90,000400,000420,000have2ei bno bloe aboo40,0001,000,00050,000Land and building (net) 20e1ont.of vtiupo 21onwo er1,000,000Mortgage payable - current portion orle suneven iont 2etop 60,000- Accounts payable - and accrued liabilities Jriog zirlt tA be240,000220,000100,000140,000Short-term notes payable10 zboop enrt to eulovNet credit sales totaled to P3,000,000 and P2,000,000 for the years ended December 31, 2021 and 2020,onicno eteliamoo zi 22e0o1g pnimoe ertt neriw besin00saem p ai everil nerlw boieg ertrespectively.

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Answered: At December 31,2021, Rey's current…

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Accounting

At December 31,2021, Rey's current ratio was? 2. At December 31,2021,Rey's quick (acid test) ratio was? 3

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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Question

1. At December 31,2021, Rey's current ratio was? 2. At December 31,2021,Rey's quick (acid test) ratio was? 3. For 2021, Rey's accounts receivable turnover was?

1s no yd bezu boheg pritnuo inom-ST ant
no 20ne ono 10ey 1obneloo ert Rey, Inc. onioo 2oinogmoo teom yd bod
orlto eo no abne 1dt 10ey
entonozpe oole o pnhub Dey losal 2D
Selected Financial Data
le jovewort
22enizud o
December 31
Cash
-Accounts receivable (net)
-Merchandise inventory
Short-term marketable securities
2021
P 170,000
450,000
540,000
80,000
2020
P 90,000
400,000
420,000
have
2ei bno bloe aboo
40,000
1,000,000
50,000
Land and building (net) 20e1ont.of vtiupo 21onwo er1,000,000
Mortgage payable - current portion orle suneven iont 2etop 60,000
- Accounts payable - and accrued liabilities Jriog zirlt tA be240,000
220,000
100,000
140,000
Short-term notes payable
10 zboop enrt to eulov
Net credit sales totaled to P3,000,000 and P2,000,000 for the years ended December 31, 2021 and 2020,
onicno eteliamoo zi 22e0o1g pnimoe ertt neriw besin00sa
em p ai everil nerlw boieg ert
respectively.

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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