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NEED DONE ASAP PLEASE Dec.31,2024Dec.31,2023Dec.31,2022 Current assets begin{tabular}{lrrr} Cash & $13,000 & $45,500 & $41,000 Accounts receivable & 19,500 & 15,600 & 11,700
NEED DONE ASAP PLEASE
Dec.31,2024Dec.31,2023Dec.31,2022 Current assets \begin{tabular}{lrrr} Cash & $13,000 & $45,500 & $41,000 \\ Accounts receivable & 19,500 & 15,600 & 11,700 \\ Inventory & 220,000 & 159,000 & 151,000 \\ Prepaid expenses & 7,800 & 10,400 & 8,500 \\ \hline Total current assets & $260,300 & $230,500 & $212,200 \\ \hline \end{tabular} Current liabilities \begin{tabular}{crrr} Accounts payable & $80,600 & $61,100 & $42,900 \\ Salaries payable & 5,500 & 7,600 & 4,900 \\ \hline Income tax payable & 1,600 & 1,500 & 2,500 \\ \hline Total current liabilities & $87,700 & $70,200 & $50,300 \\ \hline \end{tabular} Jsing the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decima lace, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal places, e.g. 15.25. Use 65 days for calculation.) Dec.31,2024Dec.31,2023Dec.31,2022 Current assets \begin{tabular}{lrrr} Cash & $13,000 & $45,500 & $41,000 \\ Accounts receivable & 19,500 & 15,600 & 11,700 \\ Inventory & 220,000 & 159,000 & 151,000 \\ Prepaid expenses & 7,800 & 10,400 & 8,500 \\ \hline Total current assets & $260,300 & $230,500 & $212,200 \\ \hline \end{tabular} Current liabilities \begin{tabular}{crrr} Accounts payable & $80,600 & $61,100 & $42,900 \\ Salaries payable & 5,500 & 7,600 & 4,900 \\ \hline Income tax payable & 1,600 & 1,500 & 2,500 \\ \hline Total current liabilities & $87,700 & $70,200 & $50,300 \\ \hline \end{tabular} Jsing the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decima lace, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal places, e.g. 15.25. Use 65 days for calculation.)Step by Step Solution
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