Exercise 16-34 Profitability Ratios Bryce Company manufactures pet supplies. However, Bryces electronic accounting system recently crashed and, unfortunately, only a partial recovery of the companys year-end accounting records (which included several profitability ratios) was possible. As a result, Bryces controller, a bright young CMA named Jeanette, must compute various lost financial account balances using the recovered information listed below: Long-term liabilities: $1,500,000 Ending inventory is the same as beginning inventory. Gross margin: $3,000,000 Net sales: $8,000,000 Accounts receivable turnover: 50 Ending accounts receivable is the same as beginning accounts receivable. Total liabilities: $2,000,000 Current ratio: 2.5 Cash: $600,000 Quick ratio: 2.0 Inventory turnover in days: 3.65 Required: 1.Calculate current liabilities. 2.Calculate current assets. 3.Calculate average accounts receivable 4.Calculate marketable securities. 5.Calculate average inventory.