Finanacial Statements

The financial statements of Virginia's Natural Foods include the following items:

Current Year Preceding Year

Balance Sheet:

Cash: 24,000 29,000

Short-Term Investments: 15,000 30,000

Net Accounts Receivables: 48,000 74,000

Merchandise Inventory: 66,000 84,000

Prepaid Expenses: 15,000 12,000

Total Current Assets: 168,000 229,000

Total Current Liabilities: 137,000 85,000

Income Statement:

Net Credit Sales: $ 465,000

Cost of Goods Sold: 311,000

Compute the following ratios for the current year:

a. Current ratio

b. Cash ratio

c. Acid-test ratio

d. Inventory turnover

e. Days' sales in inventory

f. Days' sales in receivables

g. Gross profit percentage