Question: 33) Use the financial data shown below to calculate the following ratios for the current year. Enter your answers on the Exam 3 Answer
33) Use the financial data shown below to calculate the following ratios for the current year. Enter your answers on the Exam 3 Answer Sheet. Round your answers to one decimal if needed. a) Current ratio b) Acid-test ratio c) Accounts receivable turnover d) Days' sales uncollected e) Inventory turnover f) Days' sales in inventory g) What percent of their assets are current? Income Statement data Sales (all on credit) Cost of goods sold Income before taxes Net income $650,000 425,000 78,000 54,600 Ending Beginning Balances Balances Cash $19,500 $15,000 Accounts receivable (net) Inventory 65,000 60,000 71,500 64,500 195,000 183,900 Plant and equipment (net) Total assets Current liabilities Long-term notes payable $351,000 $323,400 $62,400 $52,700 97,500 100,000
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