Sandhill Co$.$ follows BSPE. It manufactures swatshirts for sale to athletic$-$was retailers. The following summary information was

available for Sandhill for the year ended December $31,2022$:

$($a$)$

Your answer is correct:

Part $1$

During $2023,$ Sandhill had the following transactions:

Total sales were $$455,000.$ Of the total sales amount, $$220,000$ was on a credit besis.

On June $30,$ a $$51,000$ account receivable of a maior customer wras settled, with $ andhill accepting a $$51,000,$ one$-$year,

$12\%$ note, with the interest payable at maturity.

Sanchill collected $$155,000$ on accounts receivable during the year.

$$62,000,$ and Accrued Liabilities was $$13,000.$

No$.$ Account Titles and Explanation

Debit

Credit

Acoounta Racalvabla

$235000$

$\text{'}$To record sales revanue',

Notso Rucalvable

Acoounta Rucalvabla

$($To record notes receivable$)$

$cosh$

Acoourta Rucalvabla

$($To record cash received,

Iritareat Recalvable

$($To record interest accerued$)$

$($b$1)$

Calculate the current ratio and the receivables turnover ratio for Sanchill at December $31,2023.($Round answers to $2$ decimal

places, es$.1\mathrm{.}25.$

Current Ratio

Accounts Receivable Turnover

times