the following financial data were taken from the annual financial statements of the 544353
The following financial data were taken from the annual financial statements of the Smith Corporation:
|
1999 Don't use plagiarized sources. Get Your Custom Essay on
the following financial data were taken from the annual financial statements of the 544353
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|
2000 |
2001 |
|
|
Current assets |
$450,000 |
$400,000 |
$ 500,000 |
|
Current liabilities |
390,000 |
300,000 |
340,000 |
|
Sales |
1,450,000 |
1,500,000 |
1,400,000 |
|
Cost of goods sold |
1,180,000 |
1,020,000 |
1,120,000 |
|
Inventory |
280,000 |
200,000 |
250,000 |
|
Accounts receivable |
120,000 |
110,000 |
105,000 |
Required a. Based on these data, calculate the following for 2000 and 2001:
1. Working capital
2. Current ratio
3. Acid-test ratio
4. Accounts receivable turnover
5. Merchandise inventory turnover
6. Inventory turnover in days
b. Evaluate the results of your computations in regard to the short-term liquidity of the firm.
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