Imar Corp.'s 2009 and 2010 balance sheets and income statements follow.

?
Sixty percent of Imar's net sales are net credit sales.
Required:
a. Calculate Imar's net credit sales for 2010. (Round to the nearest $100.)
b. Calculate Imar's quick ratio for 2010.
c. Calculate Imar's average accounts receivable for 2010.
d. Calculate Imar's accounts receivable turnover ratio.
e. Calculate the average age of Imar's receivables. Assume a 360-day year and round to the nearest day.

Question

Imar Corp.'s 2009 and 2010 balance sheets and income statements follow.
  
?  
Sixty percent of Imar's net sales are net credit sales.
Required:
a.	Calculate Imar's net credit sales for 2010. (Round to the nearest $100.)
b.	Calculate Imar's quick ratio for 2010.
c.	Calculate Imar's average accounts receivable for 2010.
d.	Calculate Imar's accounts receivable turnover ratio.
e.	Calculate the average age of Imar's receivables. Assume a 360-day year and round to the nearest day.

Quizplus · Accepted Answer

The Answer of Imar Corp.'s 2009 and 2010 balance sheets and income statements follow.
  
?  
Sixty percent of Imar's net sales are net credit sales.
Required:
a.	Calculate Imar's net credit sales for 2010. (Round to the nearest $100.)
b.	Calculate Imar's quick ratio for 2010.
c.	Calculate Imar's average accounts receivable for 2010.
d.	Calculate Imar's accounts receivable turnover ratio.
e.	Calculate the average age of Imar's receivables. Assume a 360-day year and round to the nearest day.

Imar Corp'S 2009 and 2010 Balance Sheets and Income Statements Follow