Homework Answers
Solution:
- Calculation of Gross Receivables
2017 = $62,809 + $392 = $63,201
2016 = $57,368 + $412 = $57,780
- Days Sales Receivables = Closing Accounts Rec. / Net Credit Sales * 365 days
= $62,809 / $156,776 * 365
= 146 Days (Approx)
- Average Receivables = Opening Accounts Rec. + Closing Accounts Rec. / 2
= $57,368 + $62,809 / 2
= $60,088.5
- Accounts Receivable Turnover = Net Credit Sales / Average Receivables
= $156,776 / $60,088.5
= 2.6 times
- Accounts Receivable Turnover in Days = 365 / Accounts Receivable Turnover
= 365 / 2.6
= 140 days (Approx)
- Days Sales Inventory = Closing Inventory / COGS * 365 days
= $10,277 /$131,332 * 365
= 28 days (Approx)
- Average Inventory = Opening Inventory + Closing Inventory / 2
= $8,898 + $10,277 / 2
= $9587.5
- Inventory Turnover = COGS / Average Inventory
= $131,332 / $9587.5
= 13.7 times
- Inventory Turnover in Days = 365 / Inventory Turnover
= 365 / 13.7
= 26 Days (Approx)
- Working Capital = Current Assets – Current Liabilities
= $115,902 – $94,600
= $21,302
- Current Ratio = Current Assets / Current Liabilities
= $115,902 / $94,600
= 1.2 : 1
- Acid Test Ratio = Liquid Assets / Current Liabilities
= $ 105,625 / $94,600
= 1.1 : 1
- Cash Ratio = Cash + Marketable Securities / Current Liabilities
= $18,492 + $20,435 / $94,600
= 0.41
- Average Working Capital = Opening Working Capital + Closing Working Capital / 2
= $18,180 + $ 21,302 / 2
= $19,741
- Sales to Working Capital = Net Sales / Working Capital
= $156,776 / $21,302
= 7.35 times
Note: There is a mistake in question in amount of Account Rec. , So I calculated the answer according to the correct figures.
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