The comparative financial statements of
Lomax
Cosmetic Supply for
2024,
2023,
and
2022
include the data shown here:
x Data Table The comparative financial statements of Lomax Cosmetic Supply for 2024, 2023, and 2022 include the data shown here: (Click the icon to view the comparative financial data.) Read the requirements 2024 2023 2022 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 Balance sheet-partial Current Assets (Cash + ST invest. + Net current receivables) Total current liabilities Acid-test ratio Cash $ 85,000 $ 70,000 $ 55,000 2024 = Short-term Investments 115,000 115,000 185,000 230,000 2023 285.000 245,000 Accounts Receivable, Net Merchandise Inventory 340,000 Requirement 1b. Compute the accounts receivable turnover for 2024 and 2023. (Round to two decimals.) (Abbreviations used: AR turn = accounts receivable turnover ratid to two decimals, X.XX.) 345,000 40,000 300,000 25,000 ccounts receivable turnover ratios 85,000 Prepaid Expenses AR turn Total Current Assets 910,000 870,000 740,000 2024 Total Current Liabilities 530,000 650,000 655,000 2023 Income statement-partial Net Sales (all on account) 5.860.000 5,110,000 4,220,000 Requirement 1c. Compute the days' sales in receivables for 2024 and 2023. (Round to the nearest whole day.) (Abbreviations used: Cash = Cash including cash equivalen nearest whole day.) d the days in receivables to the = x Requirements 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 com The acid-test ratio from 2023 to 2024. This trend the company. 1. Compute these ratios for 2024 and 2023: a. Acid-test ratio (Round to two decimals.) b. Accounts receivable turnover (Round to two decimals.) c. Days' sales in receivables (Round to the nearest whole day.) 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 accounts receivable turnover from 2023 to 2024. This trend the company The days' sales in receivables from 2023 to 2024. This trend the company Print Done Choose from any list or enter any number in the input fields and then continue to the next question. The comparative financial statements of Lomax Cosmetic Supply for 2024, 2023, and 2022 include the data shown here: (Click the icon to view the comparative financial data.) Read the requirements x 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 investme Data Table (Cash + ST invest. + Net current receivables) Total current liabilities = Acid-test ratio 2024 2024 2023 2022 2023 Balance sheet-partial Jable turnover ratios 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 to two decimals, X.XX.) Current Assets: Cash $ 85,000 $ 70,000 $ 55,000 AR turn Short-term Investments 115,000 185,000 115,000 2024 Accounts Receivable, Net 285,000 230.000 245,000 2023 Merchandise Inventory 340,000 85,000 345,000 40,000 300,000 25,000 receivables to the 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. nearest whole day.) Days' sales in AR Prepaid Expenses Total Current Assets 910,000 870,000 - = 740,000 655,000 530,000 650,000 2024 Total Current Liabilities Income statement-partial Net Sales (all on account) 2023 . 5,860,000 5,110,000 4,220,000 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 Print Done The accounts receivable turnover V from 2023 to 2024. This trend the company. The days' sales in receivables from 2023 to 2024. This trend the company. Choose from any list or enter any number in the input fields and then continue to the next
