Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected comparative financial statement data for Marx Inc. are shown below. 2019 MARX INC. Statement of Financial Position (partial) December 31 (in thousands) 2021 2020

image text in transcribed
image text in transcribed
image text in transcribed
Selected comparative financial statement data for Marx Inc. are shown below. 2019 MARX INC. Statement of Financial Position (partial) December 31 (in thousands) 2021 2020 Current assets Cash $ 30 $ 90 Trading investments 55 60 Accounts receivable, net 672 589 Inventory 630 527 Prepaid expenses 41 52 Total current assets $ 1,428 $ 1,318 Total current liabilities $ 876 $ 829 $ 60 40 491 569 29 $ 1,189 $ 754 Additional information: (in thousands) 2021 2020 2019 stv 20 Additional information: 2020 (in thousands) Allowance for doubtful accounts Credit sales Cost of goods sold 2021 $ 50 $ 45 2019 $ 40 3.736 2,364 4,194 2,896 3,934 2,659 (a) Calculate all nossible linuidity for non Calculate all possible liquidity ratios for 2021 and 2020. (Round current ratio to 2 decimal places eg. 2.66. Round receivables tumover and inventory tumover to 1 decimal place es, 6.2. Round collection period and days sales in inventory to decimal places es 1,266. Enter working capital amounts in thousands eg. 525.) 2021 2020 Working capital $ Current ratio - 1 Receivables turnover times times Collection period days days Inventory turnover times times Days sales in inventory days dows e Textbook and Media La

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting Tools for business decision making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

6th Edition

978-0470477144, 1118096894, 9781118214657, 470477148, 111821465X, 978-1118096895

Students also viewed these Accounting questions