Chum Lee's accountant provides you with the following information taken from their most recent three years...

   

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Chum Lee's accountant provides you with the following information taken from their most recent three years of financial statements. Current assets Cash Accounts receivable Inventory Total Current Assets Current liabilities Accounts payable Salaries payable Current portion of long-term debt Total Current Liabilities Other information: Credit sales in the year Cost of goods sold 2022 $26,505 83,504 189,266 $299,275 $91,000 4,900 24,000 2021 $782,775 469,665 $28,500 68,446 146,718 $243,664 $89,000 5,200 36,000 $119,900 $130,200 $745,500 447,300 2020 $30,000 60,040 125,400 $215,440 $86,000 5,000 36,000 $127,000 $710,000 426,000 Accounts receivable Inventory Total Current Assets Current liabilities Accounts payable Salaries payable Current portion of long-term debt Total Current Liabilities Other information: Credit sales in the year Cost of goods sold Current Ratio 83,504 189,266 $299,275 Receivable Turnover Ratio Inventory Turnover Ratio Operating Cycle (days) $91,000 4,900 24,000 $119,900 $782,775 469,665 68,446 146,718 $243,664 $89,000 5,200 36,000 $130,200 $745,500 447,300 0.53 Calculate the following ratios for 2022 and 2021 and select the 131. 3.57 143 3.29 2022 D 4) + 60,040 125,400 $215,440 4 11.60 10.30 3.20 111 0.40 166 31 2.80 2.50 35 1.87 12.42 11.44 4) ( ( swer. Accounts receivable Inventory Total Current Assets Current liabilities Accounts payable Salaries payable Current portion of long-term debt Total Current Liabilities Other information: Credit sales in the year Cost of goods sold 83,504 68,446 189,266 146,718 $299,275 $243,664 Current Ratio Receivable Turnover Ratio Inventory Turnover Ratio Operating Cycle (days) $91,000 11.60 10.30 4,900 3.20 111 0.40 24,000 166 $119,900 31 2.80 2.50 $782,775 35 469,665 1.87 12.42 11.44 0.53 Calculate the following ratios for 2022 an 131 3.57 143 3.29 64 0 O 45 000 00 200 500 300 8 60,040 125,400 $215,440 $86,000 5,000 36,000 $127,000 $710,000 426,000 select the correct answer. 2021 0 ( O ( Chum Lee's accountant provides you with the following information taken from their most recent three years of financial statements. Current assets Cash Accounts receivable Inventory Total Current Assets Current liabilities Accounts payable Salaries payable Current portion of long-term debt Total Current Liabilities Other information: Credit sales in the year Cost of goods sold 2022 $26,505 83,504 189,266 $299,275 $91,000 4,900 24,000 2021 $782,775 469,665 $28,500 68,446 146,718 $243,664 $89,000 5,200 36,000 $119,900 $130,200 $745,500 447,300 2020 $30,000 60,040 125,400 $215,440 $86,000 5,000 36,000 $127,000 $710,000 426,000 Accounts receivable Inventory Total Current Assets Current liabilities Accounts payable Salaries payable Current portion of long-term debt Total Current Liabilities Other information: Credit sales in the year Cost of goods sold Current Ratio 83,504 189,266 $299,275 Receivable Turnover Ratio Inventory Turnover Ratio Operating Cycle (days) $91,000 4,900 24,000 $119,900 $782,775 469,665 68,446 146,718 $243,664 $89,000 5,200 36,000 $130,200 $745,500 447,300 0.53 Calculate the following ratios for 2022 and 2021 and select the 131. 3.57 143 3.29 2022 D 4) + 60,040 125,400 $215,440 4 11.60 10.30 3.20 111 0.40 166 31 2.80 2.50 35 1.87 12.42 11.44 4) ( ( swer. Accounts receivable Inventory Total Current Assets Current liabilities Accounts payable Salaries payable Current portion of long-term debt Total Current Liabilities Other information: Credit sales in the year Cost of goods sold 83,504 68,446 189,266 146,718 $299,275 $243,664 Current Ratio Receivable Turnover Ratio Inventory Turnover Ratio Operating Cycle (days) $91,000 11.60 10.30 4,900 3.20 111 0.40 24,000 166 $119,900 31 2.80 2.50 $782,775 35 469,665 1.87 12.42 11.44 0.53 Calculate the following ratios for 2022 an 131 3.57 143 3.29 64 0 O 45 000 00 200 500 300 8 60,040 125,400 $215,440 $86,000 5,000 36,000 $127,000 $710,000 426,000 select the correct answer. 2021 0 ( O (

Answer rating: 100% (QA)

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