Vì vậy, axit "tỷ lệ kiểm tra" mà sau có lẽ là một chỉ số tốt hơn về khả năng thanh toán tổng thể. Trong kinh doanh cụ thể, chúng ta phải lưu ý rằng $ tài sản hiện hành là doanh số bán hàng thiết bị chương trình khuyến mãi mà không được chuyển lại thành tiền mặt cho mỗi gia nhập. | 176 Retail Garden Center Income Statement Sales Sales Receivable Ratio or Receivables Balance Sheet Industry 1998 1999 2000 2001 Median This is an important ratio and measures the number of times that receivables turn over during the year. It symbolically represents my preceding comments wherein garden centers tend largely to generate cash sales. Although our target company seems to have slipped a bit in 2001 this could be no more than a quirk since other years have been relatively stable. However it points to questioning why receivables more than doubled in 2001. Days Receivable Ratio 365 or Sales Receivable Ratio Industry 1998 1999 2000 2001 Median days This highlights the average time in terms of days that receivables are outstanding. Generally the longer that receivables are outstanding the greater the chance that they may not be collectible. Slow-turnover accounts merit individual examination for conditions of cause. In our case example four years show regularity in collections and a sharp peak occurs in 2001. Much of the problem rests in two larger jobs where there was joint agreement for 90-day terms. Cost of Sales Cost of Sales Payable Ratio or Payables Industry 1998 1999 2000 2001 Median Generally the higher the turnover rate the shorter the time between purchase and payment. Lower turnover which our target company experiences indicates that it may frequently pay bills from daily in-store cash receipts due to slower receivable collections. This practice may be somewhat misguided in light of investment principles whereby one normally attempts to match collections relatively close to payments so that more Financial Analysis 177 business income can be directed into the pockets of owners. Some businesses may however have little choice. Our company owner admits to being lax at pursuing collections but claims never to have suffered bad debt as a result. Sales Working Capital Ratio .
