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Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 9 Current assets: Cash Accounts receivable, net
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 9 Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities $164 194 144 94 $596 $100 194 134 94 $522 $204 34 94 $332 $184 34 84 S302 Sales on account during the year totaled $1,220 thousand. Cost of goods sold was $820 thousand. Required: Compute the following for Year 2: a. Working capital. (Enter your answer in thousands of dollars, i.e., 100,000 should be entered as 100.) b. Current ratio. (Round your answer to 2 decimal places.) c. Acid-test (quick) ratio. (Round your answer to 2 decimal places.) d. Accounts receivable turnover. (Round your answer to 2 decimal places.) e. Average collection period. (Use 365 days in a year. Round your intermediate calculations to 2 decimals places and your final answer to 1 decimal place.) f. Inventory turnover. (Round your answer to 2 decimal places.) g. Average sale period. (Use 365 days in a year. Round your intermediate calculations to 2 decimals places and your final answer to 1 decimal place.) a. Working capital b. Current ratio c. Acid-test ratio d. Accounts receivable turnover e. Average collection period f. Inventory turnover 9. Average sale period days days
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