At the beginning of 2019, Blue Devil Inc. had net Accounts Receivable of $49,000. At the end of 2019, Blue Devil had cash of $41,000; net Accounts Receivable of $51,000; and short-term investments of $15,000. It also has $28,000 in current liabilities and $39,000 in long-term liabilities. The sales of 2019 is $120,000 and net income is $18,000. Required: Calculate the quick ratio and the account receivable turnover for 2019. Please show your calculation steps.

At the beginning of 2019, Blue Devil Inc. had net Accounts Receivable of $49,000. At the end of 2019, Blue Devil had cash of $41,000; net Accounts Receivable of $51,000; and short-term investments of $15,000. It also has $28,000 in current liabilities and $39,000 in long-term liabilities. The sales of 2019 is $120,000 and net income is $18,000. Required: Calculate the quick ratio and the account receivable turnover for 2019. Please show your calculation steps.

Name: At the beginning of 2019, Blue Devil Inc. had net Accounts Receivable
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Description: At the beginning of 2019, Blue Devil Inc. had net Accounts Receivable of $49,000. At the end of 2019, Blue Devil had cash of $41,000; net Accounts Receivable of $51,000; and short-term investments of $15,000. It also has $28,000 in current liabilitie

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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