The financial statements of the news magazine publisher Daily Rain Inc. include the following items:...
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The financial statements of the news magazine publisher Daily Rain Inc. include the following items: Furthermore, the company shows total non-current assets of $9,325,000 and $9,334,000 for the years 2021 and 2020 , respectively. The current liabilities total $207,600 and $195,800 for the years 2021 and 2020, respectively. Daily Rain Inc. realized net credit sales of $2,954,000 and recorded $2,825,000 in costs of goods sold for the year 2021. Requirement 1: Compute the following ratios for the year 2021 and enter the responses in the blanks below. Blank \#1: Current ratio (round to two digits) Blank \#2: Quick (acid test) ratio (round to two digits) Blank \#3: Inventory turnover (round to one digit) Blank \#4: Accounts receivable turnover (round to one digit) Blank \#1: Current ratio (round to two digits) Blank \#2: Quick (acid test) ratio (round to two digits) Blank \#3: Inventory turnover (round to one digit) Blank \#4: Accounts receivable turnover (round to one digit) Blank \# 1 Blank \# 2 Blank \# 3 Blank \# 4
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