Selected financial data for Amberjack Corporation follows. Year 1 ($ thousands) Year 2 ($ thousands) Sales 277,161 465,381 255,211 (161,064) (59,635) 341,780 342,506 21,737 6,551 Cost of goods sold Net income 347,324 (404,109) (21,383) 269,622 37,500 36,048 72,706 Cash flow from operations Cash Marketable securities Accounts receivable Inventories 415,876 23,358 Total current assets 712,574 29,508 45,054 74,562 Accounts payable Accrued liabilities 125,451 148,809 Total current liabilities a. Calculate the current and quick ratio at the end of each year. Note: Round your answers to 1 decimal place. b. Assuming a 365-day year for all calculations, compute the following: i. The collection period each year based on sales.

Selected financial data for Amberjack Corporation follows. Year 1 ($ thousands) Year 2 ($ thousands) Sales 277,161 465,381 255,211 (161,064) (59,635) 341,780 342,506 21,737 6,551 Cost of goods sold Net income 347,324 (404,109) (21,383) 269,622 37,500 36,048 72,706 Cash flow from operations Cash Marketable securities Accounts receivable Inventories 415,876 23,358 Total current assets 712,574 29,508 45,054 74,562 Accounts payable Accrued liabilities 125,451 148,809 Total current liabilities a. Calculate the current and quick ratio at the end of each year. Note: Round your answers to 1 decimal place. b. Assuming a 365-day year for all calculations, compute the following: i. The collection period each year based on sales.

Name: Selected financial data for Amberjack Corporation follows.Year 1 ($th
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Description: Selected financial data for Amberjack Corporation follows.Year 1 ($thousands)277,161Year 2 ($thousands)465,381347,324(404,109)(21,383)269,622Sales255,211(161,064)(59,635)341,780342,50621,737Cost of goods soldNet incomeCash flow from operationsCashMa

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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