Algonquin Equipment reported the following items on November 30, 2015 (amounts in thousands, with last year's amounts
Question:
Algonquin Equipment reported the following items on November 30, 2015 (amounts in thousands, with last year's amounts also given as needed):
Requirements
a. Compute Algonquin Equipment's (a) quick ratio and (b) accounts receivable turnover for 2015.
b. Evaluate each ratio value as strong or weak. Assume Algonquin Equipment sells on terms of net 30.
Transcribed Image Text:
Accounts Payable. $ 434 210 Accounts Receivable, Net: November 30, 2015 November 30, 2014 Cost of Goods Sold. Short-term Investments. ..... Cash . $200 Inventory: November 30, 2015 November 30, 2014 Net Credit Sales . Long-term Assets Long-term Liabilities. 110 800 170 30 170 170 130 2,450 410 60 Other Current Assets. Other Current Liabilities
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Related Book For
Financial Accounting
ISBN: 978-0133375534
2nd Canadian edition
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
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