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Question 7 of 7 Corsig Corporation had the following comparative current assets and current liabilities: Dec. 31, 2021 Current assets Cash Debt investments Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries and wages payable Income tax payable $25,000 40,000 60,000 110,000 35.000 $270,000 $120,000 40.000 10.000 Dec. 31, 2020 $30,000 10,000 90,000 90,000 25,000 $245,000 $110,000 30,000 15.000 4/6 1
Salaries and wages payable Income tax payable Total current liabilities (a) Your answer is correct. 40,000 10,000 $170,000 During 2021, net credit sales and cost of goods sold were $570,000 and $350,000, respectively. Net cash provided by operating activities for 2021 was $140,000. Current ratio 30,000 15,000 $155,000 Compute current ratio for 2021. (Round answer to 2 decimal places, eg 2.25) 159 1 4/6 1 ISPITA
(c) accounts receivable turnover for 2021. (Round answer to 1 decimal place, eg 5.2) Accounts receivable turnover eTextbook and Media Compute inventory turnover for 2021. (Round answer to 1 decimal place, eg. 5.2) Inventory turnover 76 times eTextbook and Media times DELL temps: 1 of 3 used