1. 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

	Ending Balances	Beginning Balances
Cash.............................................................	$ 19,500	$ 15,000
Accounts receivable (net) ............................	65,000	60,000
Inventory......................................................	71,500	64,500
Plant and equipment (net)............................	195,000	183,900
Total assets...................................................	$351,000	$323,400
Current liabilities .........................................	$ 62,400	$ 52,700
Long-term notes payable..............................	97,500	100,000