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Selected information from the Financial Statements of Cloud Computing Co. for the two-years ended December 31, 2017 and 2018, were as follows:
2018 2017Current ratio 2.6:1 1.5:1
Acid-test ratio 1.5:1 1:1
No. of days sales in inventory ? ?
No. of days in receivables ? ?
Inventory turnover 5 6
Receivables turnover 3 4
Increase in net sales based on 2017 10%
Based on above information:
Problem 1. Compute for the (a) no. of days sales in inventory for 2017 and 2018, and (b) no. of days in receivables for 2017 and 2018.
Problem 2. Given the above ratios, could there be a revenue fraud in 2018? Support your conclusion.
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