Question

The comparative financial statements of Lakeland Cosmetic Supply for 2014, 2013, and 2012 include the data shown here:


Requirements
1. Compute these ratios for 2014 and 2013:
a. Acid-test ratio (Round to two decimals.)
b. Accounts receivable turnover (Round to two decimals.)
c. Days’ sales in receivables (Round to the nearest whole day.)
2. Considering each ratio individually, which ratios improved from 2013 to 2014 and which ratios deteriorated? Is the trend favorable or unfavorable for thecompany?


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  • CreatedJanuary 16, 2015
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