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 For FNANCE1 students only use the given information to answer the following questions: (round-off your answers to 2 decimal points) 1. On December 31, 2005, FVR Incorporated provided the following data: ---->quick assets--------------------P208,000 ---->acid test ratio-----------------2.6:1 ---->current ratio-------------------3.5:1 ---->net sales for 2005--------------P1,800,000 ---->cost of sales for 2005----------P990,000 ---->average total sales for 2005----P1,200,000 a. how much was the current liabilities of the company? b. what is the company's inventory balance? c. what is the company's asset turnover ratio? 2. How much is the cost of sales of PGMA Corporation in 2005 based on the following data ---->current ratio-------------------3.5:1 ---->acid test ratio-----------------3:1 ---->current liabilities-------------P600,000 ---->inventory, 12/31/04-------------P500,000 ---->inventory turnover--------------8 times the first 5 to submit their (correct) answers will be given 10 additional points!
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