Selected financial statement data for Morton Company are presented below. During 2014, net sales were ¥810,000, and cost of goods sold was ¥615,000.
Instructions
Compute the following ratios at December 31, 2014:
(a) Current.
(b) Acid-test.
(c) Accounts receivable turnover.
(d) Inventory turnover.

Question

Selected financial statement data for Morton Company are presented below.  During 2014, net sales were ¥810,000, and cost of goods sold was ¥615,000.
Instructions
Compute the following ratios at December 31, 2014:
(a) Current.
(b) Acid-test.
(c) Accounts receivable turnover.
(d) Inventory turnover.

Quizplus · Accepted Answer

The Answer of Selected financial statement data for Morton Company are presented below.  During 2014, net sales were ¥810,000, and cost of goods sold was ¥615,000.
Instructions
Compute the following ratios at December 31, 2014:
(a) Current.
(b) Acid-test.
(c) Accounts receivable turnover.
(d) Inventory turnover.

Selected Financial Statement Data for Morton Company Are Presented Below