Avant Garde Clothiers reported the following items at February 28, 2008 (amounts in thousands, with last year's
Question:
Avant Garde Clothiers reported the following items at February 28, 2008 (amounts in thousands, with last year's — 2007 — amounts also given as needed):
Compute Avant Garde's
(a) acid-test ratio
(b) days' sales in average receivables for 2008. Evaluate each ratio value as strong or weak. Avant Garde sells on terms of net 30.
Transcribed Image Text:
Accounts payable $ 400 Accounts receivable, net: Cash 210 February 28, 2008 $ 220 Inventories: February 28, 2007 150 February 28, 2008 190 Cost of goods sold 1,200 February 28, 2007 160 Short-term investments 160 Net sales revenue 2,190 Other current assets 90 Long-term assets 410 Other current liabilities 140 Long-term liabilities 170
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