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Given the following financial data for KSPS Corp, calculate the ratios listed below the data. KSP Corp Sales (all on credit): $450,000 Cost of goods
Given the following financial data for KSPS Corp, calculate the ratios listed below the data. KSP Corp Sales (all on credit): $450,000 Cost of goods sold: $222,500 Income tax expense: $79,625 Net income: $147,875 Cash (2015): 10,500 Cash (2014): 15,000 Accounts receivable (2015): 55,000 Accounts receivable (2014): 54,000 Inventory (2015): 21,500 Inventory (2014): 20,500 Equipment (2015): 165,000 Equipment (2014): 145,000 Current liabilities (2015): 72,100 Long-term notes payable (2015): 87,500 (A) Current ratio. (B) Acid-test ratio. (C) Days' sales uncollected
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