Question 40 Selected financial statement data for Mure Company are presented below. Cash Short-term investments Accounts receivable (net) Inventory Total current liabilities December 31, 2017 $ 40,000 20,000 100,000 80,000 100,000 During 2017, net sales were $950,000, and cost of goods sold was $770,000. Compute the current ratio at December 31, 2017. (Round answer to 1 decimal place, e.g. 2.1:1) Current ratio Acid-test ratio December 31, 2016 $30,000 18,000 90,000 60,000 90,000 :1 Compute the acid-test ratio at December 31, 2017. (Round answer to 2 decimal places, e.g. 2.15: Accounts receivable turnover :1 Compute the accounts receivable turnover at December 31, 2017. Compute the inventory turnover at December 31, 2017. times
Question 40 Selected financial statement data for Mure Company are presented below. Cash Short-term investments Accounts receivable (net) Inventory Total current liabilities December 31, 2017 $ 40,000 20,000 100,000 80,000 100,000 During 2017, net sales were $950,000, and cost of goods sold was $770,000. Compute the current ratio at December 31, 2017. (Round answer to 1 decimal place, e.g. 2.1:1) Current ratio Acid-test ratio December 31, 2016 $30,000 18,000 90,000 60,000 90,000 :1 Compute the acid-test ratio at December 31, 2017. (Round answer to 2 decimal places, e.g. 2.15: Accounts receivable turnover :1 Compute the accounts receivable turnover at December 31, 2017. Compute the inventory turnover at December 31, 2017. times
Chapter1: Financial Statements And Business Decisions
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![Question 40
Selected financial statement data for Mure Company are presented below.
Cash
Short-term investments
Accounts receivable (net)
Inventory
Total current liabilities
During 2017, net sales were $950,000, and cost of goods sold was $770,000.
Current ratio
Compute the current ratio at December 31, 2017. (Round answer to 1 decimal place, e.g. 2.1:1)
December 31,
2017
$ 40,000
20,000
100,000
80,000
100,000
Acid-test ratio
Compute the acid-test ratio at December 31, 2017. (Round answer to 2 decimal places, e.g. 2.15:1)
Accounts receivable turnover
December 31,
2016
$30,000
18,000
90,000
60,000
90,000
:1
Inventory turnover.
:1
Compute the accounts receivable turnover at December 31, 2017.
Compute the inventory turnover at December 31, 2017.
times
times](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3df61de3-ee09-41ef-8873-9f950e8ed1d8%2F7aa78d85-d3bc-4902-9e2c-1cff88ec89cf%2Fpv5vi2o_processed.png&w=3840&q=75)
Transcribed Image Text:Question 40
Selected financial statement data for Mure Company are presented below.
Cash
Short-term investments
Accounts receivable (net)
Inventory
Total current liabilities
During 2017, net sales were $950,000, and cost of goods sold was $770,000.
Current ratio
Compute the current ratio at December 31, 2017. (Round answer to 1 decimal place, e.g. 2.1:1)
December 31,
2017
$ 40,000
20,000
100,000
80,000
100,000
Acid-test ratio
Compute the acid-test ratio at December 31, 2017. (Round answer to 2 decimal places, e.g. 2.15:1)
Accounts receivable turnover
December 31,
2016
$30,000
18,000
90,000
60,000
90,000
:1
Inventory turnover.
:1
Compute the accounts receivable turnover at December 31, 2017.
Compute the inventory turnover at December 31, 2017.
times
times
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