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The working capital of Trump Pets consists of inventories, receivables, cash or bank overdraft and payables. The following turnover ratios apply.
Assume a 360 day year. Inventories are valued at 50% of sales value. The ratio of payables to receivables is 0.8, and during a year when sales turnover was $2,000,000 (achieved at an even monthly rate) the current ratio declined to 1.4 at 31 December. The liquid ratio (or acid test ratio) at 31 December was: A. 1.25 B. 1.5 C. 1 D. 1.05 |