Goodfood Market Corp. is a Quebec-based online grocery company. The company provides fresh meal solutions and grocery items to members across Canada. Exhibit 9.10 contains an excerpt from Goodfood’s 2020 annual report.

Required

a. Calculate the accounts payable turnover ratio and accounts payable payment period for Goodfood. The company’s cost of goods sold for its 2020 fiscal year was $198,953 thousand. 

b. Calculate the company’s current and quick ratios for 2020 and 2019. Comment on the year-over-year trend.

Transcribed Image Text:

GOODFOOD MARKET CORP. Consolidated Statements of Financial Position (in thousands of Canadian dollars) As at Assets Current assets: Cash and cash equivalents Amounts receivable Inventories Other current assets Non-current assets: Restricted cash Fixed assets Right-of-use assets Intangible assets Non-current deposits Total assets Notes 456 6 12 77907 8 August 31, 2020 $104,402 4,464 6,962 780 116,608 2,500 19,191 21,130 2,203 1,414 $163,046 August 31, 2019 $45,149 2,605 4,735 246 52,735 2,500 13,545 11,089 512 402 $80,783