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The following are Lozier's 2010 and 2011 balance sheets and income statements for the years ended December 31, 2010 and December 31, 2011, respectively.
2010
2011
Cash
$ 200,000
$ 325,000
Accounts Receivable
400,000
450,000
Inventory
325,000
Intangible Assets
60,000
54,000
Total Assets
$1,060,000
$1,154,000
Accounts Payable
$ 396,000
$ 420,000
Short-term Notes Payable
100,000
Common Stock
3,000
Retained Earnings
564,000
636,000
Total Liabilities and Owner's Equity
$1,063,000
$1,159,000
Sales Revenue
$ 945,000
$1,190,000
Cost of Goods Sold
(400,000)
(500,000)
Advertising Expense
(20,000)
(25,000)
Office Supplies Expense
(10,000)
(13,000)
Interest Expense
(5,000)
Net Income
$ 510,000
$ 647,000
Required:
Using an Excel spreadsheet, calculate the following ratios for 2010 and 2011:
1. Quick ratio
2. Accounts receivable turnover ratio
3. Average age of receivables. Assume a 360-day calendar year.
4. Inventory turnover ratio.
5. Calculate the average age of Lozier's inventory for 2010 and 2011. Assume a 360-day calendar year.
6. Given your calculations in parts 1-5, what conclusions might you draw about Lozier's business operations?
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