Southside Clothiers reported the following selected items at September 30, 2014 (last years2013amounts also given as needed):
Question:
Compute Southsides
(a) Acid-test ratio,
(b) Accounts receivable turnover ratio,
(c) Days sales in receivables for 2014.
Evaluate each ratio value as strong or weak. Southside sells on terms of net 30. (Round days sales in receivables to a wholenumber.)
Transcribed Image Text:
Accounts Payable Cash Merchandise Inventory 320,000 Accounts Receivable, net 260,000 September 30, 2014 270,000 170,000 1,150,000 140,000 120,000 180,000 September 30, 2013 Cost of Goods Sold Short-term Investments Other Current Assets Other Curent Liabilities September 30, 2014 September 30, 2013 Net Credit Sales Revenue Long-term Assets Long-term Liablities 290,000 200,000 2,920,000 420,000 130,000
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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