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Compute the following ratios for the current year with the date in the image: Balance Sheet: Cash Short-term Investments Net Accounts Receivables Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income Statement: Net Credit Sales Cost of Goods Sold Current Ratio Cash Ratio Acid-test Ratio $ $ C Current Year 18,000 $ 10,000 54,000 78,000 12,000 172,000 133,000 Preceding Year 466,000 314,000 23,000 23,000 72,000 62,000 2,000 182,000 90,000

Compute the following ratios for the current year with the date in the image: Balance Sheet: Cash Short-term Investments Net Accounts Receivables Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income Statement: Net Credit Sales Cost of Goods Sold Current Ratio Cash Ratio Acid-test Ratio $ $ C Current Year 18,000 $ 10,000 54,000 78,000 12,000 172,000 133,000 Preceding Year 466,000 314,000 23,000 23,000 72,000 62,000 2,000 182,000 90,000

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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Compute the following ratios for the current year with the date in the image: Balance Sheet: Cash Short-term Investments Net Accounts Receivables Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income Statement: Net Credit Sales Cost of Goods Sold Current Ratio Cash Ratio Acid-test Ratio Inventory turnover Days' sales in inventory Days' sales in receivables Gross profit percentage $ $ C Current Year 18,000 $ 10,000 54,000 78,000 12,000 172,000 133,000 Preceding Year 466,000 314,000 23,000 23,000 72,000 62,000 2,000 182,000 90,000
Transcribed Image Text:Compute the following ratios for the current year with the date in the image: Balance Sheet: Cash Short-term Investments Net Accounts Receivables Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income Statement: Net Credit Sales Cost of Goods Sold Current Ratio Cash Ratio Acid-test Ratio Inventory turnover Days' sales in inventory Days' sales in receivables Gross profit percentage $ $ C Current Year 18,000 $ 10,000 54,000 78,000 12,000 172,000 133,000 Preceding Year 466,000 314,000 23,000 23,000 72,000 62,000 2,000 182,000 90,000
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