Question
4. Using the partial trial balance presented below, calculate the acid test ratio, receivables turnover, and collection period for the 2022 fiscal year. TRAIL BALANCE
4. Using the partial trial balance presented below, calculate the acid test ratio, receivables turnover, and collection period for the 2022 fiscal year.
| 2021 | 2022 | |
| CASH | $1000 | $2000 |
| ACCOUNTS RECEIVABLE | 4000 | 6000 |
| TEMPORARY INVESTMENTS | 3000 | 4000 |
| INVENTORY | 10000 | 5000 |
| BUILDING | 20000 | 15000 |
| BANK-LOAN | 2000 | 3000 |
| LONG TERM LIABILITY | 1000 | 2000 |
| SALES (ALL CREDIT) | 10000 | 50000 |
ACID TEST RATIO:
RECEIVABLES TURNOVER:
COLLECTION PERIOD:
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Lean Auditing Driving Added Value And Efficiency In Internal Audit
Authors: James C. Paterson
1st Edition
1118896882, 978-1118896884
