Homework Answers
Requirement 1:
Cash + short term investments + net current receivables / Total current liabilities = Quick ratio
[ 11500 + 17000 + 72900 ] / 97500 = 1.04
Golden's position is favorable compared to the industry average of 0.92
Requirement 2:
365 days / Accounts receivable turnover = Days sales outstanding
365 /13 = Days sales outstanding
= 28 or 29 days
**Accounts receivable turnover = Net sales 2019 /Average accounts receivable
Accounts receivable turnover = 907400 /[(72900+66700)/2]
Accounts receivable turnover = 907400 / 69800 = 13
Days sales outstanding is under the credit terms of net 30 days
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S5-12 (similar to) Western Products reported the following amounts in its 2019 financial statements. The 2018 amounts are given for comparison. (Click the icon to view the financial data.) Read the requirements. Requirement 1. Compute Western's quick (acid-test) ratio at the end of 2019. Round to two decimal places. How does the quick ratio compare with the industry average of 0.92? Begin by selecting the formula, then enter the amounts and compute the quick (acid-test) ratio. (Abbreviation used: Cash* =...
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comparison.
Data Table 2019 2018 Current assets: $ 9,200 $ 9,200 12,000 Short-term investments 16,000 . ..- Accounts receivable $ 81,500 (7,500) 76,000 191,000 2,300 290,500 108,000 736,000 Less: Allowance for uncollectibles 73,500 (5,500) 190,000 2,300 291,000 105,000 971,750 Prepaid insurance Compute Highland's quick (acid-test) ratio at the end of 2019. Round to two decimal places. How does the quick ratio compare with...
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