Question: Excerpts from a copmany's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash Accounts receivable, net Inventory
Excerpts from a copmany's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities $166 196 146 96 $604 $100 196 136 96 $528 $286 36 96 $338 $186 36 86 $308 Sales on account during the year totaled $1.230 thousand. Cost of goods sold was $830 thousand Required: Compute the following for Year 2 a. Current ratio (Round your answer to 2 decimal places.) b. Acid-test (quick) ratio (Round your answer to 2 decimal places.) c. Accounts receivable turnover (Round your answer to 2 decimal places.) d. Average collection period (Use 365 days in a year. Round your intermediate calculations to 2 decimals places and your final answer to 1 decimal place.) a. Current ratio b. Acid-test ratio Accounts receivable turnover d. Average collection period days
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