Question
Cost of goods sold in 2023 was $406,600 , operating expenses were $50,000 , and net income was $25,000 . Accounts payable suppliers provided operating
Cost of goods sold in 2023 was
$406,600
, operating expenses were
$50,000
, and net income was
$25,000
. Accounts payable suppliers provided operating goods and services. Assume that total assets are the same in 2022 and 2023.\ Calculate each of the following ratios: (Do not round intermediate calculations. Round Current ratio, Acid-test ratio Debt-to-total-assets ratio and Rate of return on assets to 2 decimal places, es 52.75 and
52.75%
. Round answer in days to 1 decimal place, eg. 527.5. Use 365 days for calculation.)\ (a) Current ratio\ times\ (b) Acid-test ratio\ times\ (c) Debt to total assets ratio\
%
\ (d) Rate of return on assets\
%
\ (e) Days payables outstanding (include cost of goods sold and operating expenses)\ days
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started