Basic Financial Ratios

The accounting staff of CCB Enterprises has completed the financial statements for the 2017 calendar year. The statement of income for the current year and the comparative statements of financial position for 2017 and 2016 follow.

CCB Enterprises
Statement of Income
For the Year Ended December 31, 2017
(thousands omitted)
Revenue:
Net sales	$809,620
Other	59,500
Total revenue	$869,120
Expenses:
Cost of goods sold	$536,240
Research and development	24,360
Selling and administrative	154,000
Interest	19,580
Total expenses	$734,180
Income before income taxes	$134,940
Income taxes	53,976
Net income	$80,964

CCB Enterprises
Comparative Statements of Financial Position
December 31, 2017 and 2016
(thousands omitted)
	2017	2016
Assets
Current assets:
Cash and short-term investments	$25,810	$21,140
Receivables, less allowance for doubtful accounts
($1,070 in 2017 and $1,370 in 2016)	47,810	50,060
Inventories, at lower of FIFO cost or market	65,180	62,160
Prepaid items and other current assets	5,170	2,980
Total current assets	$143,970	$136,340
Other assets:
Investments, at cost	$105,890	$105,890
Deposits	10,030	8,300
Total other assets	$115,920	$114,190
Property, plant, and equipment:
Land	$11,770	$11,770
Buildings and equipment, less accumulated depreciation
($126,980 in 2017 and $121,620 in 2016)	267,510	248,280
Total property, plant, and equipment	$279,280	$260,050
Total assets	$539,170	$510,580
Liabilities and Owners Equity
Current liabilities:
Short-term loans	$22,270	$24,240
Accounts payable	72,260	71,060
Salaries, wages, and other	26,290	26,840
Total current liabilities	$120,820	$122,140
Long-term debt	$160,530	$171,080
Total liabilities	$281,350	$293,220
Owners equity:
Common stock, at par	$44,170	$41,810
Paid-in capital in excess of par	63,700	60,890
Total paid-in capital	$107,870	$102,700
Retained earnings	149,950	114,660
Total owners equity	$257,820	$217,360
Total liabilities and owners equity	$539,170	$510,580

Required:

1. Calculate the following financial ratios for 2017 for CCB Enterprises:

Round items h, j, and k to the nearest whole number. Round all other answers to two decimal places. Assume a 360-day year.

e. Current ratio (at December 31, 2017)
f. Quick (acid-test) ratio (at December 31, 2017)
g. Accounts receivable turnover ratio (Assume that all sales are on credit.)
h. Number of days' sales in receivables