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5. The following selected information is available for Bradley Corporation: Income Statement Data Sales...... Cost of Goods Sold. Income Before Income Taxes.... Net Income.. $650,000
5. The following selected information is available for Bradley Corporation: Income Statement Data Sales...... Cost of Goods Sold. Income Before Income Taxes.... Net Income.. $650,000 425,000 78,000 54,600 Balance Sheet Data Cash. Accounts Receivable (net). Inventory.. Equipment (net). Total Assets. Beginning Balance $ 19,500 65,000 71,500 195,000 $351,000 Ending Balance $ 15,000 60,000 64,500 183,900 $323,400 Current Liabilities. Long-term Notes Payable.. Total Liabilities.. $ 62,400 97,500 $159,900 $ 52,700 100,000 $152,700 Required: Use the above information to calculate the following for the current year: (a) Current ratio. (b) Acid-test ratio. (c) Accounts receivable turnover. (d) Days' sales uncollected. (e) Inventory turnover. (f) Days' sales in inventory
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