Sales revenue Cost of sales Gross profit Operating expenses Profit The operating expenses include $18,000 of interest expense. The following amounts have been extracted from the company's balance sheet at 30 June 2017: Accounts receivable Prepaid expenses Cash Inventory Bank overdraft Accounts payable Accrued expenses $360,000 253,000 107,000 55,000 $52,000 s Days inventory S Days debtors $65,500 4,300 7,800 41,500 6,000 35,000 2,900 Calculate the following: (Round current ratio & quick ratio to 2 decimal places, e.g. 15.52 and all others answers to 0 decimal places, e.g. 15. Use 365 days for calculatio not deduct bank overdraft from your calculation for quick ratio.) 59.87 days days

Sales revenue Cost of sales Gross profit Operating expenses Profit The operating expenses include $18,000 of interest expense. The following amounts have been extracted from the company's balance sheet at 30 June 2017: Accounts receivable Prepaid expenses Cash Inventory Bank overdraft Accounts payable Accrued expenses $360,000 253,000 107,000 55,000 $52,000 s Days inventory S Days debtors $65,500 4,300 7,800 41,500 6,000 35,000 2,900 Calculate the following: (Round current ratio & quick ratio to 2 decimal places, e.g. 15.52 and all others answers to 0 decimal places, e.g. 15. Use 365 days for calculatio not deduct bank overdraft from your calculation for quick ratio.) 59.87 days days

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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