Silver Clothiers reported the following selected items at April 30, 2018 (last year's-2017-amounts also given as needed):
Question:
Silver Clothiers reported the following selected items at April 30, 2018 (last year's-2017-amounts also given as needed):
Compute Silver's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables for the year ending April 30, 2018. Evaluate each ratio value as strong or weak. Silver sells on terms of net 30. (Round days' sales in receivables to a whole number.)
Transcribed Image Text:
$ 328,000 Accounts Receivable, net: Accounts Payable Cash April 30, 2018 573,720 11,000 Merchandise Inventory: April 30, 2017 165,000 April 30, 2018 Cost of Goods Sold 1,200,000 250,000 April 30, 2017 210,000 Short-term Investments 148,000 Net Credit Sales Revenue 3,212,000 Other Current Assets 100,000 Long-term Assets 350,000 Other Current Liabilities 188,000 Long-term Liabilities 130,000
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a Acidtest ratio Cash including cash equivalents Shortterm investments Net curr...View the full answer
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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