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Accounting
Southside Clothiers reported the following items at September 30

Southside Clothiers reported the following items at September 30

Southside Clothiers reported the following items at September 30, 2012 (last year€™s€”2011€”amounts also given as needed):

Accounts payable $ 320,000 Accounts receivable, net: September 30, 2012 $ 270,000 Cash Inventories September 30, 2012 Se

Requirement
1. Compute Southside€™s
(a) Acid-test ratio,
(b) Days€™ sales in average receivables for 2012, and
(c) Accounts receivable turnover ratio. Evaluate each ratio value as strong or weak. Southside sells on terms of net30.

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Accounts payable $ 320,000 Accounts receivable, net: September 30, 2012 $ 270,000 Cash Inventories September 30, 2012 September 30, 2011 Net sales revenue September 30, 2011 290,000 Cost of goods sold 200,000 Short-term investments Other current assets 420,000 Other current liabilities 1,150,000 140,000 120,000 180,000 Long-term assets Long-term liabilities 130,000