Bryce Company manufactures pet supplies. However, Bryce's electronic accounting system recently crashed and, unfortunately, only a partial

Question:

Bryce Company manufactures pet supplies. However, Bryce's electronic accounting system recently crashed and, unfortunately, only a partial recovery of the company's year-end accounting records (which included several proﬁtability ratios) was possible. As a result, Bryce's controller, a bright young CMA named Jeanette, must compute various lost financial account balances using the recovered information listed below:

• Long-term liabilities: $1,500,000

• Ending inventory is the same as beginning inventory.

• Gross margin: $3,000,000

• Net sales: $8,000,000

• Accounts receivable turnover: 50

• Ending accounts receivable is the same as beginning accounts receivable.

• Total liabilities: $2,000,000

• Current ratio: 2.5

• Cash: $600,000

• Quick ratio: 2.0

• Inventory turnover in days: 3.65

Required:

1. Calculate current liabilities.

2. Calculate current assets.

3. Calculate average accounts receivable.

4. Calculate marketable securities.

5. Calculate average inventory.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... 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...