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QUESTION 8 Calculate the current ratio given the following information: current liabilities = $46,000; sales = $240,000; cost of goods sold = $120,000; cash ratio
QUESTION 8 Calculate the current ratio given the following information: current liabilities = $46,000; sales = $240,000; cost of goods sold = $120,000; cash ratio = 0.84; accounts receivable turnover = 6.25; inventory turnover = 2.1. Do not round earlier steps, and state your answer correct to 2 decimal places. QUESTION 9 Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales 47,000 Costs 31,300 Taxable income 15,700 Taxes (35%) 5,495 Net income 10.205 The firm maintains a constant payout ratio of 25 percent. If a 20 percent growth rate in sales is projected, what is the projected addition to retained earnings? Calculate answer to two decimal places
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