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ED-20 Computing key ratios
The financial statements of Victory's Natural Foods include the following items:
Current Year
Preceding Year
Balance Sheet:
Cash
20,000
24,000
Short-term Investments
18,000
26,000
Net Accounts Receivable
50,000
78,000
Merchandise Inventory
70,000
66,000
Prepaid Expenses
12,000
10,000
Total Current Assets
170,000
204,000
Total Current Liabilities
129,000
92,000
Income Statement:
Net Credit Sales
5 478,000
Cost of Goods Sold
318,000
Compute the following ratios for the current year:
a. Current ratio
b. Cash ratio
c. Acid-test ratio
d. Inventory turnover
e. Days sales in inventory
f. Days' sales in receivables
g. Cross profit percentage (assume all sales are on credit)
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