Ronald Company Has Current Assets of $115,000 and Current Liabilities

Essay

Ronald Company has current assets of $115,000 and current liabilities of $75,000 of which accounts payable are $65,000. Arnold's cost of goods sold is $420,000, its merchandise inventory increased by $20,000, and accounts payable were $45,000 the prior year. Calculate Ronald's working capital, payables turnover, and days' payable.