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(Answered) Use the following financial data to compute the requested


Use the following financial data to compute the requested
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Use the following financial data to compute the requested ratios:,

 

Income statement data ,

 

Sales (all on credit) $650,000,

 

Cost of goods sold 425,000,

 

Income before taxes 78,000,

 

Net income 54,600,

 

,

 

Balance sheet items Ending,

 

Balances Beginning,

 

Balances,

 

Cash $ 19,500 $ 15,000,

 

Accounts receivable (net) 65,000 60,000,

 

Inventory 71,500 64,500,

 

Plant and equipment (net) 195,000 183,900,

 

Total assets $ 351,000 $ 323,400,

 

,

 

Current liabilities $ 62,400 $ 52,700,

 

Long-term notes payable 97,500 100,000,

 

Calculate the following ratios for the current year. Showanswers to a, b, and e to 2 decimal places; show answers to c, d, and f to 1 decimal place:,

 

a. current ratio ___________,

 

b. acid-test ratio ___________,

 

c. accounts receivable turnover ___________,

 

d. days? sales uncollected ___________,

 

e. inventory turnover ___________,

 

f. days? sales in inventory ___________,

 

,

 

2 points will be given for each correct answer. The maximum number of points that can be earned are 10.Show your computations.,

 


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