The Following Data Were Shown in the Records of Morgan

Essay

The following data were shown in the records of Morgan Company at the end of 20X2: $$\begin{array} { | l | r | } \hline \text { Quick assets } & \$ 180,000 \\\hline \text { Current assets } & 225,000 \\\hline \text { Average net receivables } & 10,000 \\\hline \text { Average inventory } & 42,000 \\\hline \text { Current liabilities } & 50,000 \\\hline \text { Net credit sales } & 120,000 \\\hline \text { Cost of goods sold } & 84,000 \\\hline \text { Assume a 365-day year } & \\\hline\end{array}$$ Compute the following ratios
a) Quick ratio:
(b) Current (working capital) ratio:
(c) Receivable turnover:
(d) Inventory turnover:
(e) Average age of receivables
(f) Average days' supply in inventory