41. The following information pertains to the Clarise Corporation: Clarise Corporation Comparative Balance Sheet End of Year Assets Cash....... Short-term investments.. Accounts receivable (net)... Merchandise Inventory... Property, plant and equipment (net).. Total assets.. Liabilities and shareholder equity Accounts payable............. Short-term notes payable.. Bonds payable..... Common stock... Retained earnings... Total liabilities and shareholder equity. Net sales....... Cost of goods sold.. Gross profit.... Expenses Operating expenses..... Interest expense.. Total expenses.... Income before income taxes.. Income tax expense.. Net income..... Clarise Corporation Income Statement End of Year 2013 Additional information: 1. The value of the common stock at year end 2013 was $20.00 per share. Common stock outstanding was 50,000 shares during each year. 2. 3. Cash dividends of $57,500 were paid in 2013. 4. There are no preferred shares outstanding. Instructions Determine the following ratios for the most recent year: a. Current ratio b. Acid Test C. Quick ratio d. Receivables turnover e. Days in receivables f.Inventory turnover 2013 2012 $ 30,000 $ 45,000 10,000 40,000 60,000 50,000 60,000 80,000 200,000 325,000 $360,000 $540,000 $ 15,000 $ 35,000 25,000 100,000 75,000 200,000 140,000 140,000 105,000 65,000 $360,000 $540,000 $600,000 250,000 350,000 $160,000 40,000 200,000 150,000 52,500 $ 97,500