Use the Financial Data Shown Below to Calculate the Following

Essay

Use the financial data shown below to calculate the following ratios for the current year:
(a)Current ratio.
(b)Acid-test ratio.
(c)Accounts receivable turnover.
(d)Days' sales uncollected.
(e)Inventory turnover.
(f)Days' sales in inventory.
Income statement data Sales (all on credit)………………………………… $650,000
Cost of goods sold………………………………….425,000
Income before taxes……………………………….. 78,000
Net income………………………………………… 54,600