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The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,340,300 and cost of
The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,340,300 and cost of goods sold was $8,914,195. All of Pelican's sales are made on account and are due within 30 days. |
Prior Year | Current Year | |||||
Cash and cash equivalents | $ | 570,330 | $ | 635,780 | ||
Accounts receivable | 4,730,000 | 3,818,000 | ||||
Inventory | 938,360 | 1,277,440 | ||||
Total current assets | 8,250,030 | 8,210,100 | ||||
Total assets | 11,118,020 | 10,998,000 | ||||
Total current liabilities | 7,830,300 | 6,306,000 | ||||
Total liabilities | 8,467,900 | 8,276,700 | ||||
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Calculate the following: |
a. | Current ratios as of the end of the current and prior year. (Round your answers to 2 decimal places.) |
b. | Calculate the receivables turnover ratio for the current year. (Round your answer to 2 decimal places.) |
c. | Calculate the days to collect for the current year. (Round your intermediate calculations and final answers to 2 decimal place.) |
d. | Calculate the inventory turnover ratio for the current year. (Round your answer to 2 decimal places.) |
e. | Calculate the days to sell for the current year. (Round your intermediate calculations and final answers to 2 decimal place.) |
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