K Calculator Lapp Company reported the following selected items at April 30, 2024 (last year's-2023-amounts also given as needed): (Click the icon to view the selected items.) 14. Compute Lovett's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables as of April 30, 2024. (a) Determine the formula, then compute the acid-test ratio. (Abbreviations used: Cash Cash including cash equivalents; ST invest. = short-term investments. Enter the acid-test ratio to two decimals, X.XX.) Data table Accounts Payable $ 137,000 Accounts Receivable, net: Cash Merchandise Inventory: 116,000 April 30, 2024 $ 163,000 April 30, 2023 53,000 April 30, 2024 April 30, 2023 112,000 Cost of Goods Sold 500,000 83,000 Short-term Investments 56,920 Net Credit Sales Revenue 1,576,800 Other Current Assets 57,000 Long-term Assets Long-term Liabilities 175,000 Other Current Liabilities 52,000 84.000 Print Done Acid-test ratio Clear all Check answer

K Calculator Lapp Company reported the following selected items at April 30, 2024 (last year's-2023-amounts also given as needed): (Click the icon to view the selected items.) 14. Compute Lovett's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables as of April 30, 2024. (a) Determine the formula, then compute the acid-test ratio. (Abbreviations used: Cash Cash including cash equivalents; ST invest. = short-term investments. Enter the acid-test ratio to two decimals, X.XX.) Data table Accounts Payable $ 137,000 Accounts Receivable, net: Cash Merchandise Inventory: 116,000 April 30, 2024 $ 163,000 April 30, 2023 53,000 April 30, 2024 April 30, 2023 112,000 Cost of Goods Sold 500,000 83,000 Short-term Investments 56,920 Net Credit Sales Revenue 1,576,800 Other Current Assets 57,000 Long-term Assets Long-term Liabilities 175,000 Other Current Liabilities 52,000 84.000 Print Done Acid-test ratio Clear all Check answer

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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