Analysis Component:Identify whether the change in each ratio from 2022 to 2023 was favourable or unfavourable.RatioCurrent ratioQuick ratioAccounts receivable turnoverDays' sales uncollectedInventory turnoverDays' sales in inventoryTotal asset turnoverAccounts payable turnoverFavourable/Unfavourable Refer the following table.CashAccounts receivable (net)InventoryPrepaid rentPlant and equipment (net)Accounts payableAccrued liabilitiesIncome tax payablePreferred sharesCommon sharesRetained earningsRequired:Airspace Technologies Inc.Comparative Balance Sheet InformationNovember 30(millions of $)Net salesCost of goods soldGross profitOperating expenses:Depreciation expenseOther expensesTotal operating expensesProfit from operationsInterest expenseIncome tax expenseProfitRatioCurrent ratioQuick ratioAccounts receivable turnoverDays sales uncollectedInventory turnoverDays sales in inventoryTotal asset turnoverAccounts payable turnoverAirspace Technologies Inc.Income Statement2023For Year Ended November 30(millions of $)11daystimesdaystimestimes2022112023timesdaystime$.6311219474daystimestimes74098$12224260086192023$1,240466$77452484536$ 2382128$ 1892022nequieu.Calculate Airspace's liquidity and efficiency ratios for 2023 and 2022. (Round the final answers to 2 decimal places. Use 365 days ayear)$1450230387785512271222425562022$1,024394$ 630$ 52328380$ 2501130$ 2092021$ 26381902681845797914122242598

Ratio analysis is quantitive method of getting inside review of an entity. It make as able to…

Refer the following table. Airspace Technologies Inc. Comparative Balance Sheet Information November 30 (millions of $) Cash Accounts receivable (net) Inventory Prepaid rent Plant and equipment (net) Accounts payable Accrued liabilities Income tax payable Preferred shares Common shares Retained earnings 2023 $ 63 112 194 74 740 98 86 19 122 242 600 2022 $14 50 230 38 778 55 122 7 122 242 556 2021 $ 26 38 190 26 818 45 79 14 122 242 598

Refer the following table. Airspace Technologies Inc. Comparative Balance Sheet Information November 30 (millions of $) Cash Accounts receivable (net) Inventory Prepaid rent Plant and equipment (net) Accounts payable Accrued liabilities Income tax payable Preferred shares Common shares Retained earnings 2023 $ 63 112 194 74 740 98 86 19 122 242 600 2022 $14 50 230 38 778 55 122 7 122 242 556 2021 $ 26 38 190 26 818 45 79 14 122 242 598

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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