Compute the following ratios for 20X3. Provide a brief description of what each ratio reveals about Hershey.

Hershey: Consolidated Balance Sheets
	Dollar Amounts in Millions
	20X2	20X3
Assets
Current Assets
Cash and Equivalents	$728.3	$1,118.5
Receivables	461.4	477.9
Inventories	633.3	659.5
Deferred Income Taxes	122.2	52.5
Prepaid Expenses and Other Assets	168.3	178.9
Total Current Assets	$2,113.5	$2,487.3
Property, Plant and Equipment, Net	1,674.1	1,805.3
Goodwill	588.0	576.6
Other Intangible Assets, net	214.7	195.2
Other Assets	164.5	293.0
Total Assets	$4,754.8	$5,357.5
Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable	$442.0	$461.5
Accrued Liabilities	650.9	699.7
Accrued Income Taxes	2.3	79.9
Short-Term Debt	118.2	166.0
Current Portion of Long-Term Debt	257.7	0.9
Total Current Liabilities	$1,471.1	$1,408.0
Long-Term Debt	1,531.0	1,795.1
Other Long-Term Liabilities	668.7	434.1
Deferred Income Taxes	35.7	104.2
Total Liabilities	$3,706.5	$3,741.4
Shareholders' Equity
Common Stock	359.9	359.9
Additional Paid-In Capital	593.0	664.9
Retained Earnings	5,027.6	5,454.3
Treasury Stock (at cost)	(4,558.7)	(4,707.7)
Accumulated Other Comprehensive Loss	(385.1)	(166.6)
Noncontrolling interests	11.6	11.2
Total Shareholders' Equity	$1,048.4	$1,616.1
Total Liabilities and Shareholders' Equity	$4,754.8	$5,357.5

Additional information for 20X3 is as follows (amounts in millions):

Total credit sales (all on credit)	$7,146.1
Costs of goods sold	3,865.2
Net income	820.5

Please give detail of how this answer was done.

1. Quick (Round your answer to two decimal places.)

Quick Ratio	=	Quick Assets
		Current Liabilities

2. Accounts payable turnover days (Use 365 days. Round your answer to nearest whole number.) Days

Accounts Payable Turnover	=	Inventory Purchases
		Average Accounts Payable

3. Operating cycle (in days) (Use 365 days. Round your answer to nearest whole number.) Days

Accounts Payable Turnover Days	=	365 Days
		Accounts Payable Turnover

Operating Cycle (in days) = Inventory Turnover Days Plus: Accounts Receivable Turnover Days Less: Accounts Payable Turnover Days