In addition to the information from S12-6, assume that cash on the 2015 statement of financial position

Question:

In addition to the information from S12-6, assume that cash on the 2015 statement of financial position was $20,000 and current liabilities totaled $24,000. Compute the following ratios for 2015:
1. Current ratio
2. Quick ratio
In S12-6
The 2014 and 2015 statements of financial position for Jackson and Sons showed net of $10,000 and $14,000, respectively, and inventory of $8,000 and $6,000, respectively. The company's 2015 income statement showed net sales of $109,500 and cost of goods sold of $70,000. Compute the following ratios for 2015:
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...