Financial Ratios

Financial statements for Paulson's Pet Store are shown.

Paulson's Pet Store Income Statement For Year Ended December 31, 20--
Revenue from sales:
Sales			$326,040
Less: Sales returns and allowances			5,360
Net sales				$320,680
Cost of goods sold:
Merchandise inventory, January 1, 20--		$29,300
Estimated returns inventory, January 1, 20--		700	$30,000
Purchases		$162,650
Less: Purchases returns and allowances	$4,080
Less: Purchases discounts	3,200	7,280
Net purchases		$155,370
Add freight-in		1,600
Cost of goods purchased			156,970
Goods available for sale			$186,970
Less: Merchandise inventory, December 31, 20--		$24,700
Less: Estimated returns inventory, December 31, 20--		1,200	25,900
Cost of goods sold				161,070
Gross profit				$159,610
Operating expenses:
Wages expense			$69,500
Advertising expense			1,200
Supplies expense			900
Phone expense			2,736
Utilities expense			2,864
Insurance expense			1,600
Depreciation expense-building			10,000
Depreciation expense-store equipment			1,800
Miscellaneous expense			600
Total operating expenses				91,200
Income from operations				$68,410
Other expenses:
Interest expense				630
Net income				$67,780

Paulson's Pet Store Statement of Owners Equity For Year Ended December 31, 20--
B. Paulson, capital, January 1, 20--		$483,660
Add additional investments		20,000
Total investment		$503,660
Net income for the year	$67,780
Less: Withdrawals for the year	4,700
Increase in capital		63,080
B. Paulson, capital, December 31, 20--		$566,740

Paulson's Pet Store Balance Sheet December 31, 20--
Assets
Current assets:
Cash		$23,450
Accounts receivable		59,370
Merchandise inventory		24,700
Estimated returns inventory		1,200
Supplies		2,400
Prepaid insurance		1,800
Total current assets			$112,920
Property, plant, and equipment:
Land		$90,000
Building	$350,000
Less: Accumulated depreciation	20,000	330,000
Store Equipment	$120,000
Less: Accumulated depreciation	3,600	116,400	536,400
Total assets			$649,320
Liabilities
Current liabilities:
Note payable	$2,100
Accounts payable	59,550
Customer refunds payable	1,600
Wages payable	1,200
Sales tax payable	3,430
Total current liabilities		$67,880
Long-term liabilities:
Note payable	$16,800
Less: Current portion	2,100	14,700
Total liabilities			$82,580
Owner's Equity
B. Paulson, capital			566,740
Total liabilities and owner's equity			$649,320

All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $10,300.

Required:

Compute the financial ratios. Round answers to one decimal place.

Financial Ratios

Current ratio ______ to 1

Quick ratio ______ to 1

Working capital $______

Return on owner's equity ______%

Accounts receivable turnover ______

Average number of days to collect receivables ______ days

Inventory turnover ______

Average number of days to sell inventory ______ days