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Calculate the following liquidity ratios for 2024 and 2023 receivables turnover and inventar

Calculate the following liquidity ratios for 2024 and 2023 receivables turnover and inventar

FINANCIAL ACCOUNTING
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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(a) Calculate the following liquidity ratios for 2024 and 2023. Round current ratio and acid-test ratio to 2 decimal places, e.g. 0.75:1, receivables turnover and inventory turnover to 1 decimal place, eg. 52.7 and collection period, days sales in inventory and operating cycle to O decimal places, e.g. 125.) Current ratio Acid-test ratio Receivables turnover Collection period Inventory turnover Days sales in inventory Operating cycle 2024 times days times days days 2023 #1 #1 times days times days days
Transcribed Image Text:(a) Calculate the following liquidity ratios for 2024 and 2023. Round current ratio and acid-test ratio to 2 decimal places, e.g. 0.75:1, receivables turnover and inventory turnover to 1 decimal place, eg. 52.7 and collection period, days sales in inventory and operating cycle to O decimal places, e.g. 125.) Current ratio Acid-test ratio Receivables turnover Collection period Inventory turnover Days sales in inventory Operating cycle 2024 times days times days days 2023 #1 #1 times days times days days
Blossom Inc. operates gaming stores across the country. Selected comparative financial statement data are shown below. Current assets Cash Short-term investments Accounts receivable Inventory BLOSSOM INC. Balance Sheet (partial) December 31 (in millions) Prepaid expenses Total current assets Total current liabilities Additional information: (in millions) Net credit sales Cost of goods sold 2024 $775 60 676 899 41 $2,451 2024 $1,885 2023 5.329 $90 58 584 522 50 $1,304 2023 $823 $8,255 $3,937 2,646 2022 $60 40 491 574 24 $1,189 $747
Transcribed Image Text:Blossom Inc. operates gaming stores across the country. Selected comparative financial statement data are shown below. Current assets Cash Short-term investments Accounts receivable Inventory BLOSSOM INC. Balance Sheet (partial) December 31 (in millions) Prepaid expenses Total current assets Total current liabilities Additional information: (in millions) Net credit sales Cost of goods sold 2024 $775 60 676 899 41 $2,451 2024 $1,885 2023 5.329 $90 58 584 522 50 $1,304 2023 $823 $8,255 $3,937 2,646 2022 $60 40 491 574 24 $1,189 $747
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