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7. A company comparative partial balance sheets and partial income statement are presented. Balance sheet:...

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Accounting

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7. A company comparative partial balance sheets and partial income statement are presented. Balance sheet: Current Year Preceding Year Cash Short-term investments Net receivables Inventory Prepaid expenses Total current assets Total current lliabilities 30,000 76,000 72,000 18,00012,000 $18,000 23,000 14,000 57,000 80,000 $187,000 213,000 $148,000 108,000 Income statement: Net credit sales Cost of goods sold $ 477,000 330,000 Instructions: compute the following ratios for the current year. Show the formulas used and explain each result. Do not round and use at least 2 decimal spaces. 5a a) Current ratio b) Acid-test ratio c) Inventory turnover d) Days in inventory e) Days in accounts receivable

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