Ponderosa Crafts has provided the following data: Requirement Compute the following ratios for the current year for
Question:
Requirement
Compute the following ratios for the current year for Ponderosa Crafts:
a. Current ratio
b. Acid-test ratio
c. Inventory turnover
d. Days' sales in average receivables (assume all sales are on credit)
Transcribed Image Text:
Balance sheet item: Current year Preceding year 23,500 24,000 77,360 78,500 8,000 211,360 86,000 Cash 16,500 $ 10,750 $ 49,000 $ 81,000 $ 21.500 $ 178,750 $ 125,000 $ Short-term investments Net receivables Inventory Prepaid expenses 2$ Total current assets Total current liabilities 10 Income statement: 11 Net credit sales 427,050 319,000 Cost of goods sold 12 13
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
a Current ratio 178750 143 125000 b Acidtest q...View the full answer
Answered By
Lamya S
Highly creative, resourceful and dedicated High School Teacher with a good fluency in English (IELTS- 7.5 band scorer) and an excellent record of successful classroom presentations.
I have more than 2 years experience in tutoring students especially by using my note making strategies.
Especially adept at teaching methods of business functions and management through a positive, and flexible teaching style with the willingness to work beyond the call of duty.
Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with a colorful wing of future.
I do always believe that more than being a teacher who teaches students subjects,...i rather want to be a teacher who wants to teach students how to love learning..
Subjects i handle :
Business studies
Management studies
Operations Management
Organisational Behaviour
Change Management
Research Methodology
Strategy Management
Economics
Human Resource Management
Performance Management
Training
International Business
Business Ethics
Business Communication
Things you can expect from me :
- A clear cut answer
- A detailed conceptual way of explanation
- Simplified answer form of complex topics
- Diagrams and examples filled answers
4.90+
46+ Reviews
54+ Question Solved
Related Book For
Question Posted:
Students also viewed these Financial Accounting questions
-
Kelleher Crafts has provided the following data: Requirement Compute the following ratios for the current year for Kelleher Crafts: a. Current ratio b. Acid-test ratio c. Inventory turnover d. Days'...
-
Northport Company manufactures numerous products, one of which is called Sea Breeze Skin Cleanser. The company has provided the following data regarding this product: Unit sales (a)...
-
TufStuff, Inc., sells a wide range of drums, bins, boxes, and other containers that are used in the chemical industry. One of the companys products is a heavy-duty corrosion-resistant metal drum,...
-
Natalie Warren is a single woman in her late 20s. She is renting an apartment in the fashionable part of town for $1,300 a month. After much thought, she's seriously considering buying a condominium...
-
In Figure an x-ray beam of wavelengths from 95.0 to 140 pm is incident at 0 = 45.0o to a family of reflecting planes with spacing d - 275 pm. What are the (a) Longest wavelength I and (b) Associated...
-
Multiple choice questions 1. Which of the following is not a cause of a difference between pretax financial income and taxable income in a given period? a. Operating loss carrybacks and carryforwards...
-
If anti-monopoly legislation is effective enough, is there ever any need to prevent mergers from going ahead?
-
In Problem, suppose that the objective is to minimize the cost of books and that the student total study time is limited to 12,600 hours. A business student at Nowledge College must complete a total...
-
Who do you think will win the appeal? Why? What do you believe is the most persuasive argument of Baker? Of the State? Are there any issues with the briefs' writing/editing/proofreading? If so, tell...
-
A retaining wall is shown in Figure 13.37. For each problem, determine the Rankine active force, Pa, per unit length of the wall and the location of the resultant Problem H H (deg) Y2 19.9 k (deg)...
-
Prepare a comparative common-size income statement for Wolf Corporation. To an investor, how does 2017 compare with 2016? Explain your reasoning. Wolf Corporation Income Statement For the Years Ended...
-
Bricker Frames has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2017. To answer this question, compute these...
-
The following fractions and mixed numbers have terminating decimal equivalent forms. Express their decimal and percent equivalent forms to five-figure accuracy. 47/20
-
Stock Exercise Intrinsic Time Option Premium Maturity Type of Option Price Price Value Value A $50 $45 ? ? $7.25 3 months Call BCD $50 $25 $0 ? $2.89 3 months ? $50 $45 $0 ? $8.59 6 months ? $50 $25...
-
A settlement is a transaction that is an irrevocable action, relieves the employer (or the plan) of primary responsibility for a pension or postretirement benefit obligation, and eliminates...
-
Investco is a trading firm and has Dec 3 1 as its annual closing date. On Oct 1 7 th of 2 0 1 9 , it had purchased 5 0 0 0 shares at $ 1 4 each. The share value on Dec. 3 1 , 2 0 1 9 was $ 1 2 . Due...
-
Osmoff systems ( Osmosys ) is a small, owner - managed business in the information technology sector in Johannesburg, South Africa. Osmosys credit sales for the year ended 3 1 December 2 0 2 1...
-
23. Pennsylvania has a flat state income tax of 3.07% with no standard deduction. If Bryan works in Scranton, PA and earns a real salary of $67,915, how much state income tax must he pay?
-
Solve the equation. Give solutions in exact form. log 8 (x + 2) + log 8 (x + 4) = log 8 8
-
Nate prepares slides for his microscope. In 1 day he prepared 12 different slides. Which equation best represents y, the total number of slides Nate prepares in x days if he continues at this rate? A...
-
Data for Hermann Corporation are shown below: Fixed expenses are $30,000 per month and the company is selling 2,000 units per month. Required: 1. The marketing manager argues that a $5,000 increase...
-
Data for Hermann Corporation are shown below: Fixed expenses are $30,000 per month and the company is selling 2,000 units per month. Required: 1. The marketing manager argues that a $5,000 increase...
-
Data for Hermann Corporation are shown below: Fixed expenses are $30,000 per month and the company is selling 2,000 units per month. Required: 1. The marketing manager argues that a $5,000 increase...
-
Are A and D shown below complementary, supplementary, or neither? Support your answers with measurements. D Find the measure of BAC shown below. Then, using your protractor, construct 2D, which is...
-
Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the...
-
Prior to the distribution of cash to the partners, the accounts in the Sheridan Company are Cash $42,800; Vogel, Capital (Cr.) $24,800; Utech, Capital (Cr.) $22,800; and Pena, Capital (Dr.) $4,800....
Study smarter with the SolutionInn App