Use the information provided to determine the values for the missing information (indicated by shaded boxes): Current

Question:

Use the information provided to determine the values for the missing information (indicated by shaded boxes):

Current assets on December 31, 2018 ? $275,000

Current liabilities on December 31, 2018 ? $ _______

Current ratio on December 31, 2018 ? 1.25

Quick assets on December 31, 2018 ? $ _______

Quick ratio on December 31, 2018 ? 0.85

Accounts receivable on December 31, 2018 ? $55,000

Accounts receivable on December 31, 2017 ? $45,000

Revenues (all on credit) during 2018 ? $ _______

Accounts receivable turnover ratio for 2018 ? 5.75

Average collection period of accounts receivable for 2018 ? _______

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...