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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 $13,640,300 and cost of
The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,640,300 and cost of goods sold was $8,906,695. 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 $ 555,330 4,580,000 923,360 8,625,030 11,103,020 7,305,300 8, 452,900 Current Year $ 605,780 3,803,000 1,232,440 8,435,100 10,983,000 7,281,000 8,246,700 Required: a. Current ratios as of the end of the current 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
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