A club has food sales of 4000000 and a food cost of 40. the, Ask an Expert

Accounting

A Club has food sales of $4,000,000 and a food cost of 40%. The club's current ratio is 2, its food inventory turnover ratio is 16, and its average collection period is 45 days. assume a year has 360 days.

given: cash $150,000
accrued expenses $100,000

please find out:

1. account receivable

2. food inventory

3. total current assets

4. account payable

5. total current liabilities

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9441496

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