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Lakeland Clothiers reported the following selected items at December 31, 2024 (last year's-2023-amounts also given as needed): (Click the icon to view the financial
Lakeland Clothiers reported the following selected items at December 31, 2024 (last year's-2023-amounts also given as needed): (Click the icon to view the financial data.) Compute Lakeland's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables for the year ending December 31, 2024. Evaluate each ratio value as strong or weak. Lakeland sells on terms of net 30. (Round days' sales in receivables to a whole number.) (Ignore leap-years, using a 365-day where needed.) (a) Compute Lakeland's acid-test ratio: (Round your final answer to two decimal places. Abbreviation used: Avg. Average; Invest Investment; Liab Liabilities; Merch Merchandise; Receiv Receivable; Rev. Revenue.) Lakeland's position is (b) Compute Lakeland's accounts receivable turnover ratio. (Round your final answer to two decimal places.) Evaluate Lakeland's accounts receivable tumover ratio as strong or weak. Lakeland's accounts receivable tumover ratio is Acid-test ratio =Accounts receivable turnover ratio relative to credit terms of net 30. (c) Compute Lakeland's days' sales in receivables for the year ending December 31, 2024, (Round days' sales in receivables to a whole number) Calculate days' sales in receivables. (Ignore leaps years and use a 365-day year. Round interim calculations to two decimal places. XXX. Round your final answer to the nearest whole number) Days' sales in receivables Data table Accounts Payable $ 329,000 Accounts Receivable, net: Cash 313,740 December 31, 2024 $ 278,000 Merchandise Inventory: December 31, 2023 167,000 December 31, 2024 250,000 Cost of Goods Sold 1,160,000 December 31, 2023 190,000 Short-term Investments 149,000 Net Credit Sales Revenue 3,248,500 Other Current Assets 120,000 Long-term Assets Long-term Liabilities. 400,000 130,000 Other Current Liabilities 189,000
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