Selected comparative information (in thousands) is available for Halpenny Corporation. Halpenny wishes to calculate ratios for 2021
Question:
Selected comparative information (in thousands) is available for Halpenny Corporation.
Halpenny wishes to calculate ratios for 2021 and 2020.
(a) Calculate the average amounts to be used for accounts receivable, total assets, and total shareholders? equity in a ratio calculation in
(1) 2021
(2) 2020.
(b) Identify for which ratio each of the above average amounts would be used.
(c) Why are averages used in certain ratio calculations and not in others?
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Step by Step Answer:
a b The averages calculated in part a could be used in the following ratios 1 Receivables turnover 2 ...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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