Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Last year, Drake's Bowling Alleys had cost of goods sold of R37 500 and its inventory turnover was 2,34. The company's current assets were R46

Last year, Drake's Bowling Alleys had cost of goods sold of R37 500 and its inventory turnover was 2,34. The company's current assets were R46 500 and its current ratio was 2,0.

What is the company's quick ratio?

Step by Step Solution

3.38 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

Inventory cost of goods sold Inventory turnover ratio R150000 6 times R25000 Quick ratio ... 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

Auditing An International Approach

Authors: Wally J. Smieliauskas, Kathryn Bewley

6th edition

978-0070968295, 9781259087462, 978-0071051415

More Books

Students also viewed these Finance questions

Question

What are monitoring controls?

Answered: 1 week ago