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Sandhill Co. follows BSPE. It manufactures swatshirts for sale to athletic-was retailers. The following summary...

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Accounting

Sandhill Co. follows BSPE. It manufactures swatshirts for sale to athletic-was retailers. The following summary information was
available for Sandhill for the year ended December 31,2022:
(a)
Your answer is correct:
Part 1
During 2023, Sandhill had the following transactions:
Total sales were $455,000. Of the total sales amount, $220,000 was on a credit besis.
On June 30, a $51,000 account receivable of a maior customer wras settled, with $ andhill accepting a $51,000, one-year,
12% note, with the interest payable at maturity.
Sanchill collected $155,000 on accounts receivable during the year.
$62,000, and Accrued Liabilities was $13,000.
No. Account Titles and Explanation
Debit
Credit
Acoounta Racalvabla
235000
'To record sales revanue',
Notso Rucalvable
Acoounta Rucalvabla
(To record notes receivable)
cosh
Acoourta Rucalvabla
(To record cash received,
Iritareat Recalvable
(To record interest accerued)
(b1)
Calculate the current ratio and the receivables turnover ratio for Sanchill at December 31,2023.(Round answers to 2 decimal
places, es.1.25.
Current Ratio
Accounts Receivable Turnover
times
image

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