E 18-6 Calculating six key ratios [10-15 min] The financial statements of Victor's Natural Foods include the following items: Preceding year Current year Balance sheet: Cash Short-term investments Net receivables Inventory Prepaid expenses $20 000 $ 15 000 11 000 27 000 73 000 54 000 77 000 69 000 15 000 9 000 Total current assets $172 000 $198 000 93 000 Total current liabilities $133 000 Income statement: Net credit sales Cost of sales $462 000 315 000 Requirement Calculate the following ratios for the current year: a current ratio b acid-test ratio c inventory turnover d days in inventory e days' sales in receivables f gross profit percentage