Navajo, Inc., reported the following items at December 31, 2010 and 2009: Requirement 1. Compute Navajos (a)
Question:
Requirement
1. Compute Navajos
(a) Acid-test ratio
(b) Days sales in average receivables for 2010. Evaluate each ratio value as strong or weak. Navajo sells on terms of net 30days.
Transcribed Image Text:
Balance Sheets (Summarized) Year End Year End 2010 2009 2010 2009 Current assets: Current liabilities: Cas Marketable securities. Accounts receivable, net. Inventory Other current assets.. $ 4,000 10,000 23,000 12,000 Accounts payable..S 15,000 16,500 105,000 107,000 15,000 16,000 Other current liabilities 56,000 70,000 Long-term liabilities 192,000 188,000 6,000 6,000 Stockholders' equity 281,000 $286,000 Total liabilities and equity. 2010 46,000 146,500 Long term assets Total assets y $281,000 Income Statement (partial) Sales revenue $727,000
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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