# The comparative financial statements of Norfolk Cosmetic Supply for 2024, 2023, and 2022 include the data shown

## Question:

The comparative financial statements of Norfolk Cosmetic Supply for 2024, 2023, and 2022 include the data shown here:

**Requirements**

1. Compute these ratios for 2024 and 2023:

a. Acid-test ratio (Round to two decimals.)

b. Accounts receivable turnover (Round to two decimals.)

c. Days’ sales in receivables (Round to the nearest whole day.)

2. Considering each ratio individually, which ratios improved from 2023 to 2024 and which ratios deteriorated? Is the trend favorable or unfavorable for the company?

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## Step by Step Answer:

**Related Book For**

## Horngrens Accounting The Financial Chapters

**ISBN:** 9780136162186

13th Edition

**Authors:** Tracie Miller Nobles, Brenda Mattison