Selected comparative financial statement data for Page Inc. are shown below. ...

80.2K

Verified Solution

Question

Accounting

Selected comparative financial statement data for Page Inc. are shown below.

PAGE INC. Statement of Financial Position (partial) December 31 (in thousands)
2021 2020 2019
Current assets
Cash $ 30 $ 91 $ 60
Trading investments 55 60 40
Accounts receivable, net 674 589 498
Inventory 622 528 570
Prepaid expenses 41 52 29
Total current assets $ 1,422 $ 1,320 $ 1,197
Total current liabilities $ 881 $ 830 $ 753

Additional information:

(in thousands) 2021 2020 2019
Allowance for doubtful accounts $ 50 $ 45 $ 40
Credit sales 4,153 3,957 3,664
Cost of goods sold 2,912 2,672 2,341

(a)

Partially correct answer icon

Your answer is partially correct.

Calculate all possible liquidity ratios for 2021 and 2020. (Round current ratio to 2 decimal places e.g. 2.66. Round receivables turnover and inventory turnover to 1 decimal place e.g. 6.2. Round collection period and days sales in inventory to 0 decimal places e.g. 1,266. Enter working capital amounts in thousands e.g. 525.)

2021 2020
Working capital $enter working capital in thousands of dollars $enter working capital in thousands of dollars
Current ratio enter current ratio rounded to 2 decimal places :1 enter current ratio rounded to 2 decimal places :1
Receivables turnover enter receivables turnover in times rounded to 1 decimal place times enter receivables turnover in times rounded to 1 decimal place times
Collection period enter collection period in days rounded to 0 decimal places days enter collection period in days rounded to 0 decimal places days
Inventory turnover enter inventory turnover in times rounded to 1 decimal place times enter inventory turnover in times rounded to 1 decimal place times
Days sales in inventory enter days sales in inventory rounded to 0 decimal places days enter days sales in inventory rounded to 0 decimal places days

eTextbook and Media

Save for Later

Attempts: 1 of 3 used

Submit Answer

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