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The last image is the list of terms to choose from for the formulas asked at parts a, b, and c. Thank you so much
The last image is the list of terms to choose from for the formulas asked at parts a, b, and c. Thank you so much in advance!
Louie Company reported the following selected items at February 28, 2016 (last year's2015amounts also given as needed): B (Click the icon to view the selected items.) 10. Compute Lovett's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables for 2016. (a) Determine the formula, then compute the acid-test ratio. (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments. Enter the acid-test ratio to two decimals, X.XX.) = Acid-test ratio (b) Determine the formula, then compute the accounts receivable turnover ratio. (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments; AR Accounts Receivable. Round accounts receivable turnover ratio to two decimal places, X.XX.) AR turnover ratio (c) Determine the formula, then compute days' sales in receivables for 2016. (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments; AR = Accounts Receivable. Round interim calculations to one decimal, X.X, and the days' sales in receivables to the nearest whole day.) - Days' sales in AR i X Data Table Accounts Payable Cash $ 100,000 $ 130,000 Accounts Receivable, net: 108,000 February 28, 2016 February 28, 2015 119,000 Cost of Goods Sold 46,000 Merchandise Inventory: February 28, 2016 February 28, 2015 520,000 80,000 Short-term Investments 71,450 Net Credit Sales Revenue 1,065,800 Other Current Assets 54,000 175,000 Other Current Liabilities 77,000 Long-term Assets Long-term Liabilities 55,000 Print Done 365 Accounts receivable Accounts receivable turnover ratio Average net accounts receivable Cash (Cash + Net current receivables) (Cash + ST invest.) (Cash + ST invest. + Net current receivables) Net credit sales Total current assets Total current liabilitiesStep by Step Solution
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