Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Silver Clothiers reported the following selected items at April 30, 2018 (last year's-2017-amounts also given as needed): Compute Silver's (a) acid-test ratio, (b) accounts receivable

Silver Clothiers reported the following selected items at April 30, 2018 (last year's-2017-amounts also given as needed):

$ 328,000 Accounts Receivable, net: Accounts Payable Cash April 30, 2018 573,720 11,000 Merchandise Inventory: April 30,

Compute Silver's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables for the year ending April 30, 2018. Evaluate each ratio value as strong or weak. Silver sells on terms of net 30. (Round days' sales in receivables to a whole number.)
 

Accounts Payable $ 328,000 Accounts Receivable, net: Cash 573,720 April 30, 2018 $ 11,000 Merchandise Inventory: April 30, 2017 165,000 April 30, 2018 250,000 Cost of Goods Sold 1,200,000 April 30, 2017 210,000 Short-term Investments 148,000 Net Credit Sales Revenue 3,212,000 Other Current Assets 100,000 Long-term Assets 350,000 Other Current Liabilities 188,000 Long-term Liabilities 130,000

Step by Step Solution

3.38 Rating (154 Votes )

There are 3 Steps involved in it

Step: 1

1 Acid test ratio cash net current receivables short term investment account payable other current ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Document Format ( 2 attachments)

PDF file Icon
635d8d91561d9_176692.pdf

180 KBs PDF File

Word file Icon
635d8d91561d9_176692.docx

120 KBs Word File

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Mathematics for Business Economics Life Sciences and Social Sciences

Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen

12th edition

321614003, 978-0321614001

More Books

Students also viewed these Accounting questions

Question

Are there diff erent kinds of memory?

Answered: 1 week ago

Question

For problem, solve equation to four decimal places. 10x = 153

Answered: 1 week ago