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The comparative financial statement of new World Piano Company for 2003,2002, and 2001 included the following selected data:2003 2002 2003In MillionsCash $67 $66 $62
Short Term Investments $93 $101 $69Recivables, net of allowance for doubtfulaccounts of $7, $6, $4 respectively $206 $154 $197Inventories $408 $383 $341prepaid expenses $32 $31 $25________________________________total current assets $806 $735 $694total current liabilities $440 $416 $388
Income Statement:Net Sales $2,071 $2,005 $1,944**Did number 1**1. Compute these ratios for 2003 and 2002 ( Must Show Work )A - Current Ratio (1.83 1.76)B - Acid-test Ratio (0.83 0.77)C - Days' sales in receivables (36 28)
2. Write a memo explaining to top management which ratio values showed improvement from 2002 to 2003 and which ratio values deteriorated. State whether the overall trend is favorable or unfavorable for the company and give the reason for your evaluation.
Potential advantages to BNM Narrative reporting will enable BNM to provide information about social, economic and environmental policies. Many users are influenced by an entit
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