Question
EugeneEnterprise Ltd. revealed the following information for the years ended December 31, 2019 and 2020: 2020 2019 Current AssetsCash$25,000$26,250Accounts Receivable247,500299,000Inventory1,950,0001,725,000Prepaid expenses4,0004,000Total Current Assets$2,226,500$2,054,250Current Liabilities$1,400,000$1,225,000Net Credit
EugeneEnterprise Ltd. revealed the following information for the years ended December 31, 2019 and 2020:
20202019Current AssetsCash$25,000$26,250Accounts Receivable247,500299,000Inventory1,950,0001,725,000Prepaid expenses4,0004,000Total Current Assets$2,226,500$2,054,250Current Liabilities$1,400,000$1,225,000Net Credit Sales$2,400,000$2,255,000
Orville Enterprise's credit terms are net 30 days.EugeneEnterprise's quick ratio for 2020 is
1.59:1.
1.39:1.
0.88:1.
0.19:1.
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Financial Accounting
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
16th Edition
1337913103, 9781337913102
