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question p 39 roblem 6 14 points booker corporation had the following comparative cu 4277238

Question

P'roblem 6 (14 Points) Booker Corporation had the following comparative current assets and current labilities Current assets 30,000 Cash Short-term investments Accounts receivable Inventory Prepaid expenses 60,000 40,000 55,000 110,000 5.000 $300,000 10,000 95,000 90,000 Total current assets $245,000 Current liabilities $110,000 30,000 -15.000 $155,000 Accounts payable Salaries payable Income tax payable $140,000 40,000 Total current liabilities $200,000 During 2013, credit sales and cost of goods sold were $750,000 and $400,000, respectively Instructions Compute the following liquidity measures for 2013: 1. Current ratio 2. Working capital 3. Acid-test ratio 4. Receivables turnover 5. Accounts Receivable collected period 6. Inventory turnover 7. Inventory turmover period

 

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