Answered step by step
Verified Expert Solution
Link Copied!

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 $13,320,300 and cost of

image text in transcribedimage text in transcribed

The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,320,300 and cost of goods sold was $8,914,695 All of Pelican's sales are made on account and are due within 30 days Prior Year Cash and cash equivalents Accounts receivable Current Year 571,330 $ 637,780 3,819,000 4,740,000 939,360 8,225,030 Inventory Total current assets Total assets Total current liabilities Total liabilities 1,280,440 8,195,100 11,119,02010,999,000 6,241,000 8,278,700 7,865,300 8,468,900 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISO 9000 Family Of Standards With Extracts From ISO 9001 Audit Trail

Authors: David John Seear

1st Edition

1477226400, 978-1477226407

More Books

Students also viewed these Accounting questions

Question

When will a judge overturn an arbitrators decision?

Answered: 1 week ago

Question

to encourage a drive for change by developing new ideas;

Answered: 1 week ago

Question

4 What are the alternatives to the competences approach?

Answered: 1 week ago