Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,580,300 and cost of
The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,580,300 and cost of goods sold was $8,908,195. All of Pelican's sales are made on account and are due within 30 days. Cash and cash equivalents Accounts receivable Inventory Total current assets Total assets Total current liabilities Total liabilities Prior Year $ 558,330 4,610,000 926,360 8,550,030 11,106,020 7,410,300 8,455,900 Current Year $ 611,780 3,806,000 1,241,440 8,390,100 10,986,000 7,086,000 8,252,700 Required: a. Calculate the current ratio for both the current year and prior year. b. Calculate the receivables turnover ratio for the current year. c. Calculate the days to collect for the current year. d. Calculate the inventory turnover ratio for the current year. e. Calculate the days to sell for the current year. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Calculate the current ratio for both the current year and prior year. (Round your answers to 2 decimal places.) Current Year Prior Year Current Ratio Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Calculate the receivables turnover ratio for the current year. (Round your answer to 2 decimal places.) Receivables Turnover Ratio Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Calculate the days to collect for the current year. (Round your intermediate calculations and final answer to 2 decimal places.) Days to Collect Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Calculate the inventory turnover ratio for the current year. (Round your answer to 2 decimal places.) Inventory Turnover Ratio Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Calculate the days to sell for the current year. (Round your intermediate calculations and final answer to 2 decimal places.) Days to Sell
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started