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Question - The accountant at Parker & Sisters gathered the following selected accounting information:
20X9
20X8
Cash at bank
$40,000
$32,000
Short-term investments
27,000
17,000
Accounts receivable (net)
35,000
23,000
Inventory
62,000
65,000
Prepaid expenses
7,000
8,000
Accounts payable
61,000
54,000
Salary payable
16,000
15,000
Income taxes payable
11,000
9,000
Debentures payable (due 20X9)
80,000
Net credit sales
270,000
235,000
Cost of goods sold
165,000
141,000
Required -
a) Calculate the acid-test ratio for 20X8 and 20X9.
b) Calculate the days' sales in receivables for 20X8 and 20X9. The accounts receivable (net) at 31 December 20X7, were $39,000.
c) Are the ratios improving or deteriorating? Explain?
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