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Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 $192 222 172 122 $100 222 162
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 $192 222 172 122 $100 222 162 122 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 $708 $606 $232 62 122 $212 62 112 $416 $386 Sales on account during the year totaled $1,360 thousand. Cost of goods sold was $960 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 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.)
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