Question

QUES 5 The financial statements of National News Inc. include the following items: Year Year 5 6 7 Balance Sheet: 8 9 10 Cash 11 $ 17,000 $ 22,000 12 13 14 Short-term investments 11,000 26,000 15 16 17 18 Net receivables 64,000 73,000 19 20 21 22 Inventory 77,000 71,000 23 24 25 26 Prepaid expenses -16,000 -8,000 27 28 29 30 Total current assets 31 $185,000 $200,000 32 33 34 35 Total current liabilities $111,000 $91,000 36 37 38 39 Income Statement: 40 41 Net credit sales $654,000 42 43 44 45 Cost of goods sold 46 327,000 47 48 49 56 57 58 59 60 61 62 Compute the following ratios for the current year: Current ratio Quick (acid-test) ratio Inventory turnover Accounts receivable turnover Days' sales in receivable 63

          QUES 5 The financial statements of National News Inc. include the following items:
Year
Year
5
6
7
Balance Sheet:
8
9
10
Cash
11
$ 17,000
$ 22,000
12
13
14
Short-term investments
11,000
26,000
15
16
17
18
Net receivables
64,000
73,000
19
20
21
22
Inventory
77,000
71,000
23
24
25
26
Prepaid expenses
-16,000
-8,000
27
28
29
30
Total current assets
31
$185,000
$200,000
32
33
34
35
Total current liabilities
$111,000
$91,000
36
37
38
39
Income Statement:
40
41
Net credit sales
$654,000
42
43
44
45
Cost of goods sold
46
327,000
47
48
49
56
57
58
59
60
61
62
Compute the following ratios for the current year:
Current ratio
Quick (acid-test) ratio
Inventory turnover
Accounts receivable turnover
Days' sales in receivable
63

QUES 5 The financial statements of National News Inc. include the following items:
Year
Year
5
6
7
Balance Sheet:
8
9
10
Cash
11
17,000 22,000
12
13
14
Short-term investments
11,000
26,000
15
16
17
18
Net receivables
64,000
73,000
19
20
21
22
Inventory
77,000
71,000
23
24
25
26
Prepaid expenses
-16,000
-8,000
27
28
29
30
Total current assets
31
185,000200,000
32
33
34
35
Total current liabilities
111,00091,000
36
37
38
39
Income Statement:
40
41
Net credit sales
654,000
42
43
44
45
Cost of goods sold
46
327,000
47
48
49
56
57
58
59
60
61
62
Compute the following ratios for the current year:
Current ratio
Quick (acid-test) ratio
Inventory turnover
Accounts receivable turnover
Days' sales in receivable
63

Added by Diane T.

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