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(Solved): The following income statement and balance sheets for Virtual Gaming Systems are provided. Requir ...
The following income statement and balance sheets for Virtual Gaming Systems are provided.
Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your final answers to 1 decimal place.)
Expert Answer
1) Receivable turnover ratio = Net Sales/Average receivable Average receivable = ($84000+$63000/2) = $73500 Receivable turnover ratio = $3051000/$73500 = 41.5 Times 2) Ave