Question: Tovar Clothiers reported the following amounts in its 2015 financial

Tovar Clothiers reported the following amounts in its 2015 financial statements. The 2014 amounts are given for comparison.


Requirements
1. Compute Tovar’s quick (acid-test) ratio at the end of 2015. Round to two decimal places. How does the quick (acid-test) compare with the industry average of 0.92?
2. Compare days’ sales in receivables for 2015 with the company’s credit terms of net 30days.


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  • CreatedJuly 25, 2014
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