Quick answer of this accounting questions Smith Manufacturing Company had a quick ratio of 1.2, a currentratio of 2.5, an inventory turnover ratio of 6, total current assets of$750,000, and cash and equivalents of $100,000 in 2023. If the costof goods sold equaled 80 percent of sales, what were Smith's annualsales and DSO?

Step 1: Definitions of Annual Sales: The total revenue generated by a company in a year, calculated…

Answered: Smith Manufacturing Company had a quick…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 14P

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Smith Manufacturing Company had a quick ratio of 1.2, a current ratio of 2.5, an inventory turnover ratio of 6, total current assets of $750,000, and cash and equivalents of $100,000 in 2023. If the cost of goods sold equaled 80 percent of sales, what were Smith's annual sales and DSO?