Vision Electronics, which makes DVD players, reported the following items at February 28, 2014 (amounts in thousands,
Question:
Vision Electronics, which makes DVD players, reported the following items at February 28, 2014 (amounts in thousands, with last year's-2013-amounts also given as needed):
Compute for 2014 Vision Electronics'
(a) Acid-test ratio,
(b) Days' sales in average receivables,
(c) Current ratio,
(d) Debt ratio,
(e) Gross margin percent,
(f) Inventory turnover. Evaluate each ratio value as strong or weak. Assume Vision Electronics sells on terms of net 30.
Transcribed Image Text:
Accounts Payable $1,796 Accounts Receivable, net: 860 February 28, 2014 February 28, 2013 380 $ 440 300 Cash Inventories: February 28, 2014 February 28, 2013 Net sales revenue Long-term assets Long-term liabilities Cost of Goods Sold 320 4,800 330 Short-term investments 7,720 Other current assets 820 180 Other current liabilities 20 290
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a An acidtest ratio of 078 is fair b 17 days sales in average receivables is very good relative to c...View the full answer
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Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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