Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gardner Clothiers reported the following selected kems at July 31, 2024 (last year's - 2023-amounts also given as needed): F7. (Click the icon to view

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Gardner Clothiers reported the following selected kems at July 31, 2024 (last year's - 2023-amounts also given as needed): F7. (Click the icon to view the financial data.) Compute Gardner's (a) acid-test ratio, (b) accounts recelvable turnover ratio, and (c) days' sales in recelvables for the year ending July 31 , 202 Evaluate each ratio value as strong or weak. Gardner sells on terms of net 30. (Round days' sales in receivables fo a whole number) (lgnore (a) Compute Gardner's acidetest ratio. (Round your finmil answor to two decimal places. Aboreviation used: Avg. = Average, invest = Investment: Liab. = Labilites; Merch. = Merchandies; Recelv, = Recelvable; Rev. = Revenue.) Data table (b) Compute Gardner's acoounts receivable turnover ratio. (Round your final answer to fwo degimal places.) Evaluate Gardner's accounts recelvable turnover ratio as strong or weak. Gardner's accounts receivable tumover ratio is relative to credit ferms of net 30 . (c) Compule Gardner's days' sales in recelvables for the year ending July 31, 2024. (Round days' sales in receivabies to a whole Calculate davs' sales in recelvables. flanore leaps vears and use a 365-dav vear. Round interim calculations to two decimal place (c) Compute Gardner's days' sales in receivabies for the year ending July 31, 2024. (Round dtyya' sales in receivables to a whole num Calculate days' sales in recelvables. (lgnore leaps years and use a 365 -day year. Round interim calculations to two decimal places, X. your finel anewer to the nearest whole number.) =Daysaalesinreceivabled= Evaluate Gardnere anys' salet in average recelvabies as strong or weak The deys' aneies in average recelvables are relative to credit terms of net 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Eco Management And Auditing A Practical Guide To EC Regulations

Authors: Joseph Tanega

1st Edition

1859070094, 978-1859070093

More Books

Students also viewed these Accounting questions