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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 $13,300,300 and cost of
The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,300,300 and cost of goods sold was $8,915,195. All of Pelican's sales are made on account and are due within 30 days. Current Year Prior Year Cash and cash equivalents 639,780 572,330 Accounts receivable 4,750,000 3,820,000 940,360 1,283,440 8,180,100 11,000,000 6,176,000 8,280,700 Inventory Total current assets 8,200,030 11,120,020 7,900,300 8,469,900 Total assets Total current liabilities Total liabilities Calculate the following: a. Current ratios as of the end of the current and prior year. (Round your answers to 2 decimal places.) Current Year Prior Year Current Ratio b. Calculate the receivables turnover ratio for the current year. (Round your answer to 2 decimal places.) Receivables Turnover c. Calculate the days to collect for the current year. (Round your intermediate calculations and final answers to 2 decimal place.) Days to Collect d. Calculate the inventory turnover ratio for the current year. (Round your answer to 2 decimal places.) Inventory Turnover Ratio e. Calculate the days to sell for the current year. (Round your intermediate calculations and final answers to 2 decimal place.) Days to Sell
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