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Excerpts from Candle Corporation's most recent balance sheet in thousands of dollars) appear below. Year 2 Year 1 $176 206 $100 206 146 Current assets.
Excerpts from Candle Corporation's most recent balance sheet in thousands of dollars) appear below. Year 2 Year 1 $176 206 $100 206 146 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 106 $644 $558 $216 $196 106 $368 $338 Sales on account during the year totaled $1,280 thousand. Cost of goods sold was $880 thousand. Required: Compute the following for Year 2: a. Working capital. (Enter your answer in thousands of dollars, l.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.) 1. 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 g. Average sale period S I days days
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