A partial balance sheet and income statement for King Corporation follow: KING CORPORATION Partial Balance Sheet December 31, 2007 Assets Current assets: Cash $ 33,493 Marketable securities 215,147 Trade receivables, less allowance of $6,000 255,000 Inventories, LIFO 523,000 Prepaid expenses 26,180 Total current assets $1,052,820 Liabilities Current liabilities: Trade accounts payable $ 103,689 Notes payable (primarily to banks) and commercial paper 210,381 Accrued expenses and other liabilities 120,602 Income taxes payable 3,120 Current maturities of long-term debt 22,050 Total current liabilities $ 459,842 KING CORPORATION Partial Income Statement For Year Ended December 31, 2007 Net sales $3,050,600 Miscellaneous income 45,060 $3,095,660 Costs and expenses: Cost of sales $2,185,100 Selling, general, and administrative expenses 350,265 Interest expense 45,600 Income taxes 300,000 2,880,965 Net income $ 214,695 Note: The trade receivables at December 31, 2006, were $280,000, net of an allowance of $8,000, for a gross receivables figure of $288,000. The inventory at December 31, 2006, was $565,000. Required Compute the following: a. Working capital f. Accounts receivable turnover in days b. Current ratio g. Days sales in inventory c. Acid-test ratio h. Inventory turnover in days d. Cash ratio i. Operating cycle e. Days sales in receivables