The fiscal 2022 balance sheet for Waverly Retail Inc. reports the following data (in millions). What is the company's quick ratio? Category Amount (in millions) Cash and cash equivalents $320 Accounts receivable $210 Merchandise inventories $450 Current assets $2,100 Current liabilities $1,200
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What is the company's quick ratio
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- What is the companys quick ratio?Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 $ 100 Cost of goods sold $ 60 $ 55 Net income $ 20 $ 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's 2021 average collection period is (rounded)? Show your work. Question 44 options:The following data are taken from the financial statements of Sheffield Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) X Your answer is incorrect. 2022 $555,000 3,997,500 2021 $470,000 3,122,250 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $435,000. (Round answers to 1 decimal place, e.g. 1.6.)
- Comparative data (in thousands) from the balance sheet of Sunland Ltd. are shown below. 2024 2023 2022 2021 Cash $22 $41 $27 $17 Accounts receivable 280 245 214 162 Inventory 510 493 418 343 Prepaid expenses 20 0 10 20 Total current assets $832 $779 $669 $542 Using horizontal analysis, calculate the percent of base year, assuming 2021 is the base yearPlease need this question answer general accountingPlease help me
- Need help with this questionSuppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,040 $1,908 Accounts receivable, net 3,370 3,180 Inventories 2,774 3,016 Other current assets 1,956 1,628 Total current assets $11,140 $9,732 Current liabilities $4,882 $5,875 Calculate the current ratio and working capital for 3M for 2019 and 2020.Comprehensive Ratio Analysis Data for Lozano Chip Company and its industry averages follow. Lozano Chip Company: Balance Sheet as of December 31, 2019(Thousands of Dollars) Cash $ 235,000 Accounts payable $ 600,000 Receivables 1,575,000 Notes payable 100,000 Inventories 1,125,000 Other current liabilities 535,000 Total current assets $2,935,000 Total current liabilities $1,235,000 Net fixed assets 1,320,000 Long-term debt 400,000 Common equity 2,620,000 Total assets $4,255,000 Total liabilities and equity $4,255,000 Lozano Chip Company: Income Statement for Year Ended December 31, 2019(Thousands of Dollars) Sales $7,500,000 Cost of goods sold 6,375,000 Selling, general, and administrative expenses 929,000 Earnings before interest and taxes (EBIT) $ 196,000 Interest expense 40,000 Earnings before taxes (EBT) $ 156,000 Federal and state income taxes (25%) 39,000 Net income $ 117,000 Calculate the…
- Comprehensive Ratio Analysis Data for Lozano Chip Company and its industry averages follow. Lozano Chip Company: Balance Sheet as of December 31, 2019(Thousands of Dollars) Cash $ 215,000 Accounts payable $ 600,000 Receivables 1,575,000 Notes payable 100,000 Inventories 1,120,000 Other current liabilities 520,000 Total current assets $2,910,000 Total current liabilities $1,220,000 Net fixed assets 1,350,000 Long-term debt 400,000 Common equity 2,640,000 Total assets $4,260,000 Total liabilities and equity $4,260,000 Lozano Chip Company: Income Statement for Year Ended December 31, 2019(Thousands of Dollars) Sales $7,500,000 Cost of goods sold 6,375,000 Selling, general, and administrative expenses 919,000 Earnings before interest and taxes (EBIT) $ 206,000 Interest expense 40,000 Earnings before taxes (EBT) $ 166,000 Federal and state income taxes (25%) 41,500 Net income $ 124,500 Calculate the…The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period.Comprehensive Ratio Analysis Data for Lozano Chip Company and its industry averages follow. Lozano Chip Company: Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 230,000 Accounts payable $ 600,000 Receivables 1,575,000 Notes payable 100,000 Inventories 1,115,000 Other current liabilities 530,000 Total current assets $2,920,000 Total current liabilities $1,230,000 Net fixed assets 1,345,000 Long-term debt 400,000 Common equity 2,635,000 Total assets $4,265,000 Total liabilities and equity $4,265,000 Lozano Chip Company: Income Statement for Year Ended December 31, 2019(Thousands of Dollars) Sales $7,500,000 Cost of goods sold 6,375,000 Selling, general, and administrative expenses 923,000 Earnings before interest and taxes (EBIT) $ 202,000 Interest expense 40,000 Earnings before taxes (EBT) $ 162,000 Federal and state income taxes (25%) 40,500 Net income $ 121,500 Calculate the…
