Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lakeland clothiers reported the following selected

Lakeland Clothiers reported the following selected Homs at December 31, 2024 (last year's-2023-amounts also given...

60.1K

Verified Solution

Question

Accounting

image
image
Lakeland Clothiers reported the following selected Homs at December 31, 2024 (last year's-2023-amounts also given as needed) (Click the icon to view the financial data) Computo Lakeland's (@) acid test ratio, (b) accounts receivable turnover ratio, and (c) days'sales in receivables for the year ending December 31, 2024. Evaluate each ratio value as strong or weak Lakeland sells on tema of net 30. (Round days' sales in receivables to a whole number) (Ignore leap years, using a 365 day where needed) (a) Compute Lakeland's acid-test ratio (Round your final answer to two decimal places Abbreviation used Avg Average Invest investment, Liat Liabilities Merch Merchandise, Recal = Receivable, Rev = Revenue) - Acid fest ratio Data table 329,000 313,740 Accounts Receivable, net December 31, 2024 278,000 December 31, 2023 Accounts Payable Cash Merchandise Inventory December 31, 2024 December 31, 2023 Net Credit Sales Revenue Long-term Assets Long-term Liabilities Cost of Goods Sold 290,000 200,000 3,248,500 440,000 100,000 Short-term Investments Other Current Assets 167,000 1,190,000 149,000 90,000 189,000 Other Current Liabilities Print Done

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students