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JOVE Assume Idea Corporation reported the following items at year-ends 2020 and 2019. (Click the icon to view the comparative financial information.) Requirements Using the facts provided, calculate the information that is relevant in measuring the liquidity of the company for 2020. Assume Idea sells on terms of net 30 days. 2. Recommend two ways the company can speed up its cash flow. Requirement 1. Using the facts provided, calculate the information that is relevant in measuring the liquidity of the company for 2020. Assume Idea sells on terms of net 30 days. First calculate the acid-test ratio. (Round to two decimals places.) 2020 (a) Acid-test ratio - > Comparative financial information * Idea Corporation Consolidated Balance Sheets (Summarized) (amounts in millions) March 1 March 3 March 1 March 3 2020 2019 2020 2019 Current liabilities: Current assets: 5 200.15 59.3 Cash $ 1.113.3 326.3 Short-term investments 1,144 4 5 637 1 Accounts payable 3407 | 230 Other current liabilities 1.174.7 572 6 Long-term liabilities 3663 225.9 103 2 58.8 Accounts receivable, net Inventories 3.942.6 2.492.5 Other current assets 299 3 101.6 Shareholders equity 2,033.8 1.169.6 $ 5,359.2 $ 2 936.9|| Total liabilities and equity Capital assets $ 5,359.2 $ 2.936.9 Total assets 2020 Income Statement (partial): $ 60394 Revenue Dave The comparative financial statements of Perfection Pools Inc. for 2020, 2019, and 2018 include the following selected data: 99 (Click the icon to view the comparative financial data.) Requirements 1. Compute these ratios for 2020 and 2019: a. Current ratio b. Acid-test ratio c. Days' sales in receivables 2. Write a memo explaining to top management which ratio values improved from 2019 to 2020 and which ratio values deteriorated. State whether the overall trend is favourable or unfavourable, and give the reason for your evaluation. 3. Recommend two ways for Sunset Pools to improve cash flow from receivables. Requirement 1a. Compute the current ratios for 2020 and 2019. (Round your answer to two decimal places.) 2020 2019 Current ratio Comparative financial data (in millions) 2020 2019 2018 Balance sheet Current assets: Cash 84 S 69 60 $ 150 Short-term investments 171 110 Receivables, net of allowance for uncollectible accounts of $27, 243 $21, and $15, respectively 246 279 Inventories 329 373 361 8 27 Prepaid expenses $ 814 $ 877 S 851 Total current assets $ 400 $ 499 $ 409 Total current liabilities Income statement $ 2.891 $ 2,720 $ 2,200 Net sales Print Done JOVE Assume Idea Corporation reported the following items at year-ends 2020 and 2019. (Click the icon to view the comparative financial information.) Requirements Using the facts provided, calculate the information that is relevant in measuring the liquidity of the company for 2020. Assume Idea sells on terms of net 30 days. 2. Recommend two ways the company can speed up its cash flow. Requirement 1. Using the facts provided, calculate the information that is relevant in measuring the liquidity of the company for 2020. Assume Idea sells on terms of net 30 days. First calculate the acid-test ratio. (Round to two decimals places.) 2020 (a) Acid-test ratio - > Comparative financial information * Idea Corporation Consolidated Balance Sheets (Summarized) (amounts in millions) March 1 March 3 March 1 March 3 2020 2019 2020 2019 Current liabilities: Current assets: 5 200.15 59.3 Cash $ 1.113.3 326.3 Short-term investments 1,144 4 5 637 1 Accounts payable 3407 | 230 Other current liabilities 1.174.7 572 6 Long-term liabilities 3663 225.9 103 2 58.8 Accounts receivable, net Inventories 3.942.6 2.492.5 Other current assets 299 3 101.6 Shareholders equity 2,033.8 1.169.6 $ 5,359.2 $ 2 936.9|| Total liabilities and equity Capital assets $ 5,359.2 $ 2.936.9 Total assets 2020 Income Statement (partial): $ 60394 Revenue Dave The comparative financial statements of Perfection Pools Inc. for 2020, 2019, and 2018 include the following selected data: 99 (Click the icon to view the comparative financial data.) Requirements 1. Compute these ratios for 2020 and 2019: a. Current ratio b. Acid-test ratio c. Days' sales in receivables 2. Write a memo explaining to top management which ratio values improved from 2019 to 2020 and which ratio values deteriorated. State whether the overall trend is favourable or unfavourable, and give the reason for your evaluation. 3. Recommend two ways for Sunset Pools to improve cash flow from receivables. Requirement 1a. Compute the current ratios for 2020 and 2019. (Round your answer to two decimal places.) 2020 2019 Current ratio Comparative financial data (in millions) 2020 2019 2018 Balance sheet Current assets: Cash 84 S 69 60 $ 150 Short-term investments 171 110 Receivables, net of allowance for uncollectible accounts of $27, 243 $21, and $15, respectively 246 279 Inventories 329 373 361 8 27 Prepaid expenses $ 814 $ 877 S 851 Total current assets $ 400 $ 499 $ 409 Total current liabilities Income statement $ 2.891 $ 2,720 $ 2,200 Net sales Print Done