Question: Mobile Company manufactures computer technology devices. Selected financial data for Mobile is presented below: Current Assets As of Dec. 31, 2020 Dec. 31, 2019 Cash

Mobile Company manufactures computer technology devices. Selected financial data for Mobile is presented below:

Current Assets

As of Dec. 31, 2020

Dec. 31, 2019

Cash and short-term investments

$1,267,038

$616,604

Accounts Receivable (net)

490,816

665,828

Inventories

338,599

487,505

Prepaid Expenses and other current assets

292,511

291,915

Total Current Assets

$2,388,964

$2,061,852

Current Liabilities

Short-term borrowings

$25,190

$38,108

Current portion of long-term debt

182,295

210,090

Accounts payable

296,307

334,247

Accrued liabilities

941,912

743,999

Income taxes payable

203,049

239,793

Total Current Liabilities

1,648,753

1,566,237

Selected Income Statement Data - for the year ending December 31, 2020:

Net Sales

$4,885,340

Cost of Goods Sold

2,542,353

Operating Income

733,541

Net Income

230,101

Selected Statement of Cash Flow Date - for the year ending Cecember 31, 2020:

Cash Flows from Operations

$1,156,084

Mobile's current ratio in 2020 was:

a.

1.07

b.

1.45

c.

1

d.

.69

Mobile's quick ratio changed by what percentage from 2019 to 2020?

a.

30%

b.

107%

c.

25%

d.

82%

Mobile's Operating Cash Flow to Current Liabilities ratio in 2020 was:

a.

.70

b.

1.39

c.

1.00

d.

.72

Mobile's days receivables outstanding at the end of 2020 was:

a.

43.20 days

b.

40.50 days

c.

45.25 days

d.

8.50 days

Mobile's days accounts payable outstanding at the end of 2020 is:

a.

7.53 days

b.

48.09 days

c.

45.51 days

d.

50 days

Mobile's 2020 Inventory Turnover ratio is:

a.

7.46

b.

11.83

c.

6.16

d.

5.62

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!