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Pharoah Inc. operates gaming stores across the country. Selected comparative financial statement data are shown below. PHAROAH INC. Balance Sheet (partial) December 31 (in millions)
Pharoah Inc. operates gaming stores across the country. Selected comparative financial statement data are shown below. PHAROAH INC. Balance Sheet (partial) December 31 (in millions) 2021 2020 2019 Current assets Cash $705 $90 $59 59 58 39 678 582 492 Short-term investments Accounts receivable Inventory Prepaid expenses Total current assets 898 523 572 43 48 26 $2.383 $1,301 $1.188 Total current liabilities $1,892 $824 $749 Additional information: (in millions) 2021 2020 $8,256 $3,939 Net credit sales Cost of goods sold 5.326 2,648 X Your answer is incorrect. Calculate the following liquidity ratios for 2021 and 2020. (Round current ratio and acid-test ratio to 2 decimal places, eg. 0.75:1, receivables turnover and inventory turnover to 1 decimal place, eg. 52.7 and collection period, days sales in inventory and operating cycle to O decimal places, e.g. 125.) 2021 2020 Current ratio 0.79 :1 0.63 :1 Acid-test ratio :1 Receivable Nimes tas Calculate the following liquidity ratios for 2021 and 2020. (Round current ratio and acid-test ratio to 2 decimal places, e... 0.75:1, receivables turnover and inventory turnover to 1 decimal place, eg. 52.7 and collection period, days sales in inventory and operating cycle to O decimal places, eg. 125.) 2021 2020 Current ratio 0.79 :1 0.63 :1 Acid-test ratio :1 1 :1 Receivables turnover times times Collection period days days 10 Inventory turnover times times Days sales in inventory days days Operating cycle days days
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