Mansfield Office Furniture Store reported the following selected items at December 31,2019 (previous year - 2018 - amounts are also given as needed):

Compute Mansfield's
(a)acid-test ratio;
(b)accounts receivable turnover ratio (round to 2 decimal places);and
(c)days' sales in receivables for 2019 (round to the nearest day).Show your computations.

Question

Mansfield Office Furniture Store reported the following selected items at December 31,2019 (previous year - 2018 - amounts are also given as needed):
  
Compute Mansfield's
(a)acid-test ratio;
(b)accounts receivable turnover ratio (round to 2 decimal places);and
(c)days' sales in receivables for 2019 (round to the nearest day).Show your computations.

Quizplus · Accepted Answer

The Answer of Mansfield Office Furniture Store reported the following selected items at December 31,2019 (previous year - 2018 - amounts are also given as needed):
  
Compute Mansfield's
(a)acid-test ratio;
(b)accounts receivable turnover ratio (round to 2 decimal places);and
(c)days' sales in receivables for 2019 (round to the nearest day).Show your computations.

Mansfield Office Furniture Store Reported the Following Selected Items at December