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Requirements 1a,b,c, & 2 needed! Thank you The comparative financial statements of Perfection Cosmetic Supply for 2024, 2023, and 2022 include the data shown here:
Requirements 1a,b,c, & 2 needed! Thank you
The comparative financial statements of Perfection Cosmetic Supply for 2024, 2023, and 2022 include the data shown here: (Click the icon to view the comparative financial data.) Read the requirements. Requirement 1a. Compute the acid-test ratio for 2024 and 2023. (Round to two decimals.) (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments. Round the acid test ratios to two decimals, X.XX.) Acid-test ratio 2024 = 2023 Requirement 1b. Compute the accounts receivable turnover for 2024 and 2023. (Round to two decimals.) (Abbreviations used: AR turn = accounts receivable turnover ratio; Cash = Cash including cash equivalents; ST invest. = short-term investments. Round the accounts receivable turnover ratios to two decimals, X.XX.) AR turn 2024 + 2023 Requirement 1c. Compute the days' sales in receivables for 2024 and 2023. (Round to the nearest whole day.) (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments. Round interim calculations to two decimals, X.XX, and the days in receivables to the nearest whole day.) = Days' sales in AR 2024 2023 Requirement 2. Considering each ratio individually, which ratios improved from 2023 to 2024 and which ratios deteriorated? Is the trend favorable or unfavorable for the company? The acid-test ratio from 2023 to 2024. This trend the company. The accounts receivable turnover from 2023 to 2024. This trend the company. The days' sales in receivables from 2023 to 2024. This trend the company. Data table 2024 2023 2022 $ 75,000 $ 50,000 $ 65,000 Balance sheet- partial Current Assets: Cash Short-term Investments Accounts Receivable, Net Merchandise Inventory 145,000 185,000 135,000 290,000 235,000 240,000 365,000 65,000 320,000 15,000 305,000 60,000 940,000 545,000 805,000 650,000 805,000 620,000 Prepaid Expenses Total Current Assets Total Current Liabilities Income statement- partial Net Sales (all on account) 5,880,000 5,190,000 4,240,000 Print DoneStep by Step Solution
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