Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the financial statements and additional information, compute the following ratios for the Lewis Company for 2022. Show all computations. If you need more
Using the financial statements and additional information, compute the following ratios for the Lewis Company for 2022. Show all computations. If you need more room, expand the cells- please do not write outside the cells. a. Current ratio 25000+20000+50000+140000-$235000 25000+4000-$65000 =235000/65000 3.62:1 b. Quick ratio 25000+20000+50000=$95000 95000/65000=1.46:1 c. Inventory turnover 184000/155000 =1.19times d. Days in inventory average inventory/cost of goods sold per day 365/1/187 =307Days e. Accounts Receivable turnover (50000+30000)/2=$40000 360000/40000 =9 times f. Days in Accounts Receivable 365/9 =41 Days g. Profit margin 80000/360000 100 =22.22% h. Return on assets MacBook
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