The accountant at Storm Inc. gathered the following selected accounting information: 2022 $ 35,000 Cash 28,000 33,000 Short-term investments Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salaries payable Income taxes payable Bonds payable (due 2019) Sales Cost of goods sold Required Compute the acid-test ratio for 2022 and 2023. Compute the days' sales in average receivables for 2022 and 2023. Net accounts receivable on December 31, 2021 was $27,000. 47,000 7,000 55,000 10,000 3,000 90,000 250,000 2023 $33,000 180,000 29,000 30,000 50,000 5,500 62,000 8,000 2,500 90,000 230,000 165,000
The accountant at Storm Inc. gathered the following selected accounting information: 2022 $ 35,000 Cash 28,000 33,000 Short-term investments Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salaries payable Income taxes payable Bonds payable (due 2019) Sales Cost of goods sold Required Compute the acid-test ratio for 2022 and 2023. Compute the days' sales in average receivables for 2022 and 2023. Net accounts receivable on December 31, 2021 was $27,000. 47,000 7,000 55,000 10,000 3,000 90,000 250,000 2023 $33,000 180,000 29,000 30,000 50,000 5,500 62,000 8,000 2,500 90,000 230,000 165,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The accountant at Storm Inc. gathered the following selected accounting information:
2022
$ 35,000
Cash
Short-term investments
Accounts receivable (net)
Inventory
Prepaid expenses
Accounts payable
Salaries payable
Income taxes payable
Bonds payable (due 2019)
Sales
Cost of goods sold
Required
Compute the acid-test ratio for 2022 and 2023.
Compute the days' sales in average receivables for 2022 and 2023. Net accounts receivable on December 31, 2021 was $27,000.
28,000
33,000
47,000
7,000
55,000
10,000
3,000
90,000
250,000
2023
$33,000
180,000
29,000
30,000
50,000
5,500
62,000
8,000
2,500
90,000
230,000
165,000
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