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Financial Ratios

The financial statements for Jackson Enterprises (income statement, statement of owners equity, and balance sheet) are shown.

Jackson Enterprises Income Statement For Year Ended December 31, 20--
Revenue from sales:
Sales			$180,000
Less: Sales returns and allowances			10,000
Net sales				$170,000
Cost of goods sold:
Merchandise inventory, January 1, 20--		$6,600
Estimated returns inventory, January 1, 20--		1,400	$8,000
Purchases		$92,910
Less: Purchases returns and allowances	$1,806
Purchases discounts	1,822	3,628
Net purchases		$89,282
Add: Freight-in		959
Cost of goods purchased			90,241
Goods available for sale			$98,241
Less: Merchandise inventory, Dec. 31, 20--		$8,300
Estimated returns inventory, Dec. 31, 20--		1,200	9,500
Cost of goods sold				88,741
Gross profit				$81,259
Operating expenses:
Wages expense			$38,370
Advertising expense			1,194
Supplies expense			356
Phone expense			2,198
Utilities expense			10,802
Insurance expense			908
Depreciation expensebuilding			4,244
Depreciation expenseequipment			3,604
Miscellaneous expense			544
Total operating expenses				62,220
Income from operations				$19,039
Other revenues:
Interest revenue			$1,710
Other expenses:
Interest expense			842	868
Net income				$19,907

Jackson Enterprises Statement of Owner's Equity For Year Ended December 31, 20--
J. B. Gray, capital, January 1, 20--		$82,173
Net income for the year	$19,907
Less: Withdrawals for the year	16,000
Increase in capital		3,907
J. B. Gray, capital, December 31, 20--		86,080

Jackson Enterprises Balance Sheet December 31, 20--
Assets
Current assets:
Cash		$21,100
Accounts receivable		18,830
Merchandise inventory	8,300
Estimated returns inventory	1,200	9,500
Supplies		1,300
Prepaid insurance		900
Total current assets			$51,630
Property, plant, and equipment:
Building	$89,000
Less: Accumulated depreciation-building	27,500	$61,500
Equipment	$34,000
Less: Accumulated depreciation-equipment	8,000	26,000
Total property, plant, and equipment			87,500
Total assets			$139,130
Liabilities
Current liabilities:
Accounts payable	$10,650
Customer refunds payable	1,550
Wages payable	500
Sales tax payable	1,100
Mortgage payable (current portion)	760
Total current liabilities		$14,560
Long-term liabilities:
Mortgage payable	$39,250
Less: Current portion	760	38,490
Total liabilities			$53,050
Owner's Equity
J. B. Gray, capital			86,080
Total liabilities and owner's equity			$139,130

Compute the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $21,800.

Round answers to one decimal place.

Jackson Enterprises December 31, 20--

Working capital	$fill in the blank 1
Current ratio	fill in the blank 2	to 1
Quick ratio	fill in the blank 3	to 1
Return on owner's equity	fill in the blank 4%
Accounts receivable turnover	fill in the blank 5
Average number of days required to collect receivables	fill in the blank 6days
Inventory turnover	fill in the blank 7
Average number of days required to sell inventory	fill in the blank 8days