Homework Answers
a) Current ratio= Current assets/ Current liabilities
= 185400/ 62800
= 2.95:1
For every $ 1 in current liabilities, there is $ 2.95 of current assets to cover
b) Quick ratio= Quick assets/ Current liabilties
= (185400-45000)/ 62800
= 2.24:1
For every $ 1 in current liabilities, there is $ 2.24 of quick assets to cover
c) Average account receivable= 22400+29720/ 2= 26060
Average collection period= (Average account receivable/ Net sales)*365
= (26060/ 680000)*365
= 13.98 days
The number of days that is takes for a business to collect all its account receivable is 13.98 days
d) Average working capital= (185400-62800+162850-60900)/ 2 = 112275
Working capital turnover ratio= Sales/ Average working capital
= 680000/ 112275
= 6.07 times
The working capital was used 6.07 times to generate during the year
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