Question
GS&H had the following information on its financial statements for the fiscal years ended December 31. All figures are in millions of Canadian dollars. 2023
GS&H had the following information on its financial statements for the fiscal years ended December 31. All figures are in millions of Canadian dollars.
| 2023 | 2022 | 2021 | 2020 | |||||||||
| Current assets | $1,600 | $5,910 | $3,850 | $1,400 | ||||||||
| Current liabilities | 629 | 2,181 | 1,276 | 980 | ||||||||
| Net sales | 3,920 | 10,330 | 5,700 | 4,390 | ||||||||
| Accounts receivable - gross | 1,390 | 930 | 740 | 540 | ||||||||
| Allowance for doubtful accounts | 168 | 34 | 17 | 14 | ||||||||
(a)
- Your Answer
- Correct Answer
Partially correct answer iconYour answer is partially correct.
Calculate the following for the company:
| (1) | current ratio for 2020 through 2023 | |
| (2) | receivable turnover ratio for 2021 through 2023 | |
| (3) | average collection period for 2021 through 2023. |
(Round ratio answers to 2 decimal places, e.g. 52.75. Round average collection period answers to 0 decimal places, e.g. 52. Use 365 days for calculation.)
| 2023 | 2022 | 2021 | 2020 | |||||||||
| Current ratio | :1 | :1 | :1 | :1 | ||||||||
| Receivable turnover ratio | times | times | times | |||||||||
| Average collection period | days | days | days | |||||||||
eTextbook and Media
Solution
Attempts: 3 of 3 used
(b)
Determine from the results obtained in part (a) if the companys:
| (1) | Current ratio |
| from 2022 to 2023. | ||
| (2) | Current ratio |
| from 2020 to 2021. | ||
| (3) | Receivable turnover |
| from 2022 to 2023. | ||
| (4) | Receivable turnover |
| from 2021 to 2022. | ||
| (5) | Collection period |
from 2021 to 2022.
GS&H had the following information on its financial statements for the fiscal years ended December 31. All figures are in millions of Canadian dollars.
| 2023 | 2022 | 2021 | 2020 | |||||||||
| Current assets | $1,600 | $5,910 | $3,850 | $1,400 | ||||||||
| Current liabilities | 629 | 2,181 | 1,276 | 980 | ||||||||
| Net sales | 3,920 | 10,330 | 5,700 | 4,390 | ||||||||
| Accounts receivable - gross | 1,390 | 930 | 740 | 540 | ||||||||
| Allowance for doubtful accounts | 168 | 34 | 17 | 14 | ||||||||
(a)
- Your Answer
- Correct Answer
Partially correct answer iconYour answer is partially correct.
Calculate the following for the company:
| (1) | current ratio for 2020 through 2023 | |
| (2) | receivable turnover ratio for 2021 through 2023 | |
| (3) | average collection period for 2021 through 2023. |
(Round ratio answers to 2 decimal places, e.g. 52.75. Round average collection period answers to 0 decimal places, e.g. 52. Use 365 days for calculation.)
| 2023 | 2022 | 2021 | 2020 | |||||||||
| Current ratio | :1 | :1 | :1 | :1 | ||||||||
| Receivable turnover ratio | times | times | times | |||||||||
| Average collection period | days | days | days | |||||||||
eTextbook and Media
Solution
Attempts: 3 of 3 used
(b)
Determine from the results obtained in part (a) if the companys:
| (1) | Current ratio |
| from 2022 to 2023. | ||
| (2) | Current ratio |
| from 2020 to 2021. | ||
| (3) | Receivable turnover |
| from 2022 to 2023. | ||
| (4) | Receivable turnover |
| from 2021 to 2022. | ||
| (5) | Collection period |
from 2021 to 2022.
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Inventory Best Practices
Authors: Steven M. Bragg
2nd Edition
1118000749, 9781118000748
