Question

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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