# 会计代写|金融会计代写Financial Accounting代考|ACC415

## 会计代写|金融会计代写Financial Accounting代考|EVALUATE A COMPANY’S LIQUIDITY

Managers, investors, and creditors use ratios to evaluate the financial health of a company. They care about the liquidity of assets. Liquidity is a measure of how quickly an item can be converted to cash. Remember, a balance sheet lists current assets in order of relative liquidity:

• Cash and cash equivalents come first because they are the most liquid assets.
• Short-term investments come next because they are almost as liquid as cash. They can be sold for cash whenever the owner wishes.
• Current receivables are less liquid than short-term investments because the company must collect the receivables.
• Merchandise inventory is less liquid than receivables because the goods must be sold first.
• Prepaid expenses are listed after inventories because they are expenses where cash has already been paid in advance.

We introduced the current ratio in Chapter 3 . Recall that the current ratio is computed as follows:
Current ratio $=\frac{\text { Total current assets }}{\text { Total current liabilities }}$
The current ratio measures the company’s ability to pay current liabilities with current assets.

Lending agreements often require the borrower to maintain a current ratio at some specified level, say $1.50$ or greater. What happens when the borrower’s current ratio falls below $1.50$ ? The consequences can be severe:

• The lender can call the loan for immediate payment.
• If the borrower cannot pay, then the lender may pursue legal action to enforce collections.

Suppose it’s December 10 and it looks like Black Corporation’s current ratio will end the year at a value of $1.48$. That would put Black in default on the lending agreement of maintaining a $1.50$ or greater current ratio and create a bad situation. With three weeks remaining in the year, how can Black improve its current ratio?

There are several strategies for increasing the current ratio, such as the following:

1. Launch a major sales effort. The increase in cash and receivables will more than offset the decrease in inventory, total current assets will increase, and the current ratio will improve.

## 会计代写|金融会计代写Financial Accounting代考|Days’ Sales in Receivables

After a business makes a credit sale, the next step is collecting the receivable. Days’ sales in receivables, also called the collection period, tells how long it takes to collect the average level of receivables. Shorter is better because cash is coming in quickly. The longer the collection period, the less cash is available to pay bills and expand.
Days’ sales in receivables can be computed in two logical steps, as follows. First, compute accounts receivable turnover. Ideally, only credit sales should be used. Then divide 365 days by the accounts receivable turnover. We show days’ sales in receivables for CGl Group Inc. as follows:
For CGl Group Inc. (in thousands)*

1. Accounts receivable tumover $=\frac{\text { Net sales }}{\text { Average net accounts receivable } * }$ $\frac{\$ 10,500^}{(\$1,036+\$ 1,206) / 2^*}=9.37$times 2. Days sales in receivables$=\frac{365 \text { days }}{\text { Accounts receivable turnover }}=\frac{365}{9.37}=39 \mathrm{days}$“Data taken from 2014 income statement and balance sheet.${ }^*{ }^{\text {Average net accounts receivahle }=\text { (Beginning, net receivables + Ending net receivables) } 2}$Net sales come from the income statement and the receivables amounts are taken from the balance sheet. Average receivables is the simple average of the beginning and ending balances. Another approach would be to simply take Average net receivables in the numerator divided by Net sales/365 days in the denominator. The length of the collection period depends on the credit terms of the company’s sales. For example, sales on “net$30^{\prime \prime}$terms should be collected within approximately 30 days. CGI’s days’ sales in receivables was 39 days in the 2014 financial statements, compared to an industry average of 42 days. While CGl’s collections were longer than 30 days, this was shorter than other companies operating in the same industry. Companies watch their collection periods closely. Whenever the collections get slow, the business must find other sources of financing, such as borrowing cash or factoring receivables. During recessions, customers pay more slowly, and a longer collection period may be unavoidable. # 金融会计代考 ## 会计代写|金融会计代写Financial Accounting代考|EVALUATE A COMPANY’S LIQUIDITY 经理、投资者和债权人使用比率来评估公司的财务状况。他们关心资产的流动性。流动性是衡量物品转换为现金的速度。请记住，资产负债表按相对流动性的顺序列出了流动资产： • 现金和现金等价物排在第一位，因为它们是流动性最强的资产。 • 其次是短期投资，因为它们几乎与现金一样具有流动性。业主可以随时将它们出售以换取现金。 • 当前应收账款的流动性低于短期投资，因为公司必须收回应收账款。 • 商品库存的流动性低于应收账款，因为必须先出售商品。 • 预付费用列在存货之后，因为它们是已经预付现金的费用。 我们在第三章介绍了流动比率。回想一下，流动比率的计算如下： 流动比率= 流动资产总额 流动负债总额 流动比率衡量公司以流动资产支付流动负债的能力。 贷款协议通常要求借款人将流动比率维持在某个特定水平，例如1.50或更大。当借款人的流动比率低于1.50? 后果可能很严重： • 贷方可以要求立即支付贷款。 • 如果借款人无法付款，则贷方可以采取法律行动强制收款。 假设现在是 12 月 10 日，看起来 Black Corporation 的流动比率将在年底为1.48. 这将使布莱克违反维持1.50或更大的流动比率并造成不良情况。一年还剩三周，黑方如何提高流动比率？ 有几种增加流动比率的策略，例如： 1. 开展一项重大的销售工作。现金和应收账款的增加将抵消存货的减少，流动资产总额将增加，流动比率将有所改善。 ## 会计代写|金融会计代写Financial Accounting代考|Days’ Sales in Receivables 企业进行赊销后，下一步是收取应收账款。应收账款的销售天数，也称为收款期，表明收款平均水平需要多长时间。越短越好，因为现金来得很快。收款期越长，可用于支付账单和扩张的现金就越少。 应收账款的天销售额可以通过两个逻辑步骤计算，如下所示。首先，计算应收账款周转率。理想情况下，应该只使用信用销售。然后将 365 天除以应收账款周转率。我们显示 CGl Group Inc. 的应收账款天销售额如下： 对于 CGl Group Inc.（以千计）* 1. 应收账款 tumover$=\frac{\text { 净销售额 }}{\text { 平均净应收账款 } * }\frac{ $10,500^ }{($ 1,036+ $1,206) / 2^*}=9.37$ 次
2. 应收账款销售天数=365 天  应收账款周转率  =3659.37=39d一个是s
“数据取自 2014 年损益表和资产负债表。
∗平均净收款 = （期初，应收账款净额 + 期末应收账款净额） 2
净销售额来自损益表，应收款项来自资产负债表。平均应收账款是期初余额和期末余额的简单平均值。另一种方法是简单地将分子中的平均应收账款净额除以分母中的净销售额/365 天。

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