Question
18 points - 3 each) Selected financial statement data for Mure Company are presented below. December 31, 2015 December 31, 2014 Cash $ 40,000 $30,000
18 points - 3 each) Selected financial statement data for Mure Company are presented below.
| December 31, 2015 | December 31, 2014 |
Cash | $ 40,000 | $30,000 |
Short-term investments | 20,000 | 18,000 |
Receivables (net) | 100,000 | 90,000 |
Inventories | 80,000 | 60,000 |
Total current liabilities | 100,000 | 90,000 |
During 2015, net sales were $950,000, and cost of goods sold was $770,000. Instructions Compute the following ratios at December 31, 2015: (a) Current ratio (b) Acid-test ratio. (c) Accounts receivable turnover. (d) Days sales in accounts receivable. (e) Inventory turnover. (f) Days sales in inventory.
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