Financial Accounting 0427 Pm Midterm May 16 To 201 2022 Question 2 15 Vista Inc Had The Following Balances In Se 1 (23.49 KiB) Viewed 42 times
Financial Accounting 0427 Pm Midterm May 16 To 201 2022 Question 2 15 Vista Inc Had The Following Balances In Se 2 (23.49 KiB) Viewed 42 times
Financial Accounting (0427. PM) Midterm May 16 to 201, 2022 Question 2 (15%) Vista Inc. had the following balances in selected accounts at the mad of 2019 and 2000. 2019 2020 Cash 558,000 $45.000 Short-term investments 46,000 39.000 Accounts receivable $4,000 61.000 Allowance for uncollectible acts 3.500 5,000 Inventory 78,000 98,000 Accounts payable 91.000 102,000 Wages payable 17,000 25,000 Income taxes payable 4.500 6,500 Note payable (due 2019) 100,000 100,000 Sales 415.000 $25.000 Cost of goods sold 225.000 304.000 The accounts receivable at the end of 2018 were 550,000 and the allowance for uncollectible accounts was $2.500 Required • Calculate the acid test ratio for 2019 und 2020 for Vista Inc. (5%) Calculate the day sales in receivables for 2019 and 2020 for Vista Ime (6) Determine whether the acid-test ratio improved er deteriorated from 2019. (246) Determine whether the collection period increased or decreased from 2019 to 2020. (236) 31
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!