Answer:
8.28 times
Explanation:
Quick Ratio = 
wherein, CA = Current Assets
Inventory = Total Current assets - cash - accounts receivables
Inventory = 80,500 - 36225 - 20125 = $24,150
Inventory Turnover is used as a measure to know how frequently a firm uses and sells inventory in a given period of time.
A high inventory turnover ratio depicts how rapidly inventory is being sold. So higher the ratio, the better it is for a firm.
Inventory Turnover Ratio = 
= 
= 8.28 times approx.
Answer:
Must be journalized and posted.
Explanation:
Closing entries are journal entries that is made at the end of an accounting period. It involves the transfer of balances of a temporary account to a permanent account.
Organisations employ the use of closing entries to reset the balances of temporary accounts to zero.
Closing entries are carried out to bring back the revenue, expense, and drawing temporary account balances to zero in preparation for a fresh accounting period.
