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The president of Screven Enterprises asks if you could indicate the impact certain transactions have on the following ratios.
Transaction
Current Ratio (2: 1)
Receivables Turnover (10 )
Average Collection Period (36.5 days)
1. Received $5,000 on cash sale. The cost of the goods sold was $2,600.
2. Recorded bad debts expense of $500 using allowance method.
3. Wrote off a $100 account receivable as uncollectible (Uses allowance method.)
4. Recorded $2,500 sales on account. The cost of the goods sold was $1,500.
Instructions
Complete the table, indicating whether each transaction will increase (I), decrease (D), or have no effect (NE) on the specific ratios provided for Screven Enterprises.
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