Use the financial data shown below to calculate the following ratios for the current year:
(a)Current ratio.
(b)Acid-test ratio.
(c)Accounts receivable turnover.
(d)Days' sales uncollected.
(e)Inventory turnover.
(f)Days' sales in inventory.
Income statement data Sales (all on credit)………………………………… $650,000
Cost of goods sold………………………………….425,000
Income before taxes……………………………….. 78,000
Net income………………………………………… 54,600
Definitions:
Interest Group
An interest group is an organization that advocates for specific policies or issues, seeking to influence public policy and decision-making.
Power Factors
Elements or attributes that contribute to the effectiveness or influence of a nation, organization, or individual in achieving goals or exerting control.
Honest Leadership
A principle that emphasizes transparency, integrity, accountability, and ethical behavior in those holding positions of authority.
Open Government Act
Legislation intended to create greater transparency and public access to government operations, documents, and decision-making processes.
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