Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with this, thank you! Operating Asset Management Analysis Partial comparative balance sheet and income statement information for Posad Company is as follows:

Please help me with this, thank you!

Operating Asset Management Analysis

Partial comparative balance sheet and income statement information for Posad Company is as follows:

20142013
Cash$ 13,600$ 10,400
Marketable securities7,20017,200
Accounts receivable (net)44,80035,600
Inventory54,40049,600
Total current assets$120,000$112,800
Accounts payable$ 40,000$ 28,200
Net sales$322,560$220,720
Cost of goods sold217,600203,360
Gross margin$104,960$ 17,360

In 2012, the year-end balances for Accounts Receivable and Inventory were $32,400 and $51,200, respectively. Accounts Payable was $30,600 in 2012 and is the only current liability.

Compute the current ratio, quick ratio, receivables turnover, days' sales uncollected, inventory turnover, days' inventory on hand, payables turnover, days' payable for each year, and financing period. Assume 365 days in a year. Round your answers to one decimal place

image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Accounting Information Systems

Authors: James Hall

9th Edition

1305465113, 9781305465114

More Books

Students also viewed these Accounting questions

Question

The personal characteristics of the sender

Answered: 1 week ago

Question

The quality of the argumentation

Answered: 1 week ago