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The president of Giraldi Enterprises asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Giraldi Enterprises. Transaction Current Ratio (2: 1) Accounts Receivable Turnover (10X) Average Collection Period (36.5 days)

1. Received $5,874 on cash sale. The cost of the goods sold was $3,054

2. Recorded bad debt expense of $587 using allowance method. 3. Wrote off a $117 account receivable as uncollectible (Uses allowance method.)

4. Recorded $2,937 sales on account. The cost of the goods sold was $1,762.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966982

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