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Are the 2 liquidity ratios correct given the information provided on the below income statement and balance sheet? Accounts Receivable Turns = Sales / Accounts

Are the 2 liquidity ratios correct given the information provided on the below income statement and balance sheet?

Accounts Receivable Turns = Sales / Accounts receivable ( $476,294,000 / $6,677,000 = 71.3)

Accounts Payable Turns =Cost of Goods / Accounts payable($358,069,000 / $57,174,000 = 6.26)

Review the following financial data, then answer the questions below.

Company X Income Statement

FYE 2014 and 2015

Period Ending

31-Jan-15

31-Jan-14

Total Sales

$485,651,000

$476,294,000

Cost of Goods

365,086,000

358,069,000

Gross Profit

120,565,000

118,225,000

Selling General and Administrative

93,418,000

91,353,000

Operating Profit

27,147,000

26,872,000

Total Other Income/Expenses Net

113,000

119,000

Earnings Before Interest And Taxes

27,034,000

26,753,000

Interest Expense

2,461,000

2,335,000

Income Before Tax

24,573,000

24,418,000

Income Tax Expense

7,985,000

8,105,000

Net Income From Continuing Ops

16,588,000

16,313,000

Discontinued Operations

285,000

144,000

Net Income (Net Profit)

$16,303,000

$16,169,000

14,000,000 shares outstanding

Market Share price per share

$10.00

$9.00

Company X Balance Sheet

FYE 2014 and 2015

Period Ending

31-Jan-15

31-Jan-14

Assets

Current Assets

Cash and Cash Equivalents

$9,135,000

$7,281,000

Net Receivables

6,778,000

6,677,000

Inventory

45,141,000

44,858,000

Other Current Assets

2,224,000

2,369,000

Total Current Assets

63,278,000

61,185,000

Property Plant and Equipment

116,655,000

117,907,000

Goodwill

18,102,000

19,510,000

Other Assets

5,671,000

6,149,000

Total Assets

203,706,000

204,751,000

Liabilities

Current Liabilities

Accounts Payable

58,583,000

57,174,000

Short/Current Long Term Debt

6,689,000

12,082,000

Other Current Liabilities

-

89,000

Total Current Liabilities

65,272,000

69,345,000

Long Term Debt

43,692,000

44,559,000

Deferred Long Term Liability Charges

8,805,000

8,017,000

Minority Interest

4,543,000

5,084,000

Total Liabilities

122,312,000

127,005,000

Miscellaneous Stocks Options Warrants

0

0

Common Stock

323,000

323,000

Retained Earnings

85,777,000

76,566,000

Capital Surplus

2,462,000

2,362,000

Other Stockholders Equity

-7,168,000

-1,505,000

Total Stockholders' Equity

81,394,000

77,746,000

TotalLiabilities +Stockholders' Equity

$203,706,000

$204,751,000

Number of Shares Outstanding

14,000,000

14,000,000

Market Share price per share

$10.00

$9.00

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