Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: ...
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Accounting
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below:
| Year 2 | Year 1 | |||
| Current assets: | ||||
| Cash | $ | 320 | $ | 180 |
| Accounts receivable | 320 | 330 | ||
| Inventory | 200 | 200 | ||
| Prepaid expenses | 66 | 76 | ||
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| Total current assets | $ | 906 | $ | 786 |
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| Current liabilities: | ||||
| Accounts payable | $ | 250 | $ | 250 |
| Accrued liabilities | 160 | 96 | ||
| Notes payable, short term | 76 | 66 | ||
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| Total current liabilities | $ | 486 | $ | 412 |
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| Sales on account during the year totaled $1,500 thousand. Cost of goods sold was $920 thousand. 1. Compute the following average collection period for Year 2 2. Compute the following inventory turnover for Year 2 3. Compute the following average sale period for Year 2 |
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