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Question - Dunder Mifflin had the following balances in selected accounts at the end of 2015 and 2016.
2015
2016
Cash
$58,000
$45,000
Short-term investments
46,000
39,000
Accounts receivable
54,000
61,000
Allowance for uncollectible accounts
3,500
5,000
Inventory
78,000
98,000
Accounts payable
91,000
102,000
Wages payable
17,000
25,000
Income tax payable
4,500
6,500
Note payable (due 2022)
100,000
Sales
415,000
525,000
Cost of goods sold
225,000
304,000
The accounts receivable at the end of 2014 were $50,000 and the allowance for uncollectible accounts was $2,500.
Required:
1. Calculate the acid test ratio for 2015 and 2016 for Dunder Mifflin.
2. Calculate the days sales in receivables for 2015 and 2016 for Dunder Mifflin.
3. Determine whether the acid-test ratio improved or deteriorated from 2015 to 2016.
4. Determine whether the collection period increased or decreased from 2015 to 2016.
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