Financial Ratios

The financial statements for Jackson Enterprises (income statement, statement of owners equity, and balance sheet) are shown.

Jackson Enterprises Income Statement For Year Ended December 31, 20--
Revenue from sales:
Sales			$184,200
Less: Sales returns and allowances			2,100
Net sales				$182,100
Cost of goods sold:
Merchandise inventory, January 1, 20--		$30,000
Estimated returns inventory, January 1, 20--		1,300	$31,300
Purchases		$92,800
Less: Purchases returns and allowances	$1,800
Purchases discounts	1,856	3,656
Net purchases		$89,144
Add: Freight-in		933
Cost of goods purchased			90,077
Goods available for sale			$121,377
Less: Merchandise inventory, Dec. 31, 20--		$27,000
Estimated returns inventory, Dec. 31, 20--		1,177	28,177
Cost of goods sold				93,200
Gross profit				$88,900
Operating expenses:
Wages expense			$38,000
Advertising expense			1,180
Supplies expense			380
Phone expense			2,210
Utilities expense			11,000
Insurance expense			900
Depreciation expensebuilding			4,000
Depreciation expenseequipment			3,800
Miscellaneous expense			530
Total operating expenses				62,000
Income from operations				$26,900
Other revenues:
Interest revenue			$1,800
Other expenses:
Interest expense			900	900
Net income				$27,800

Jackson Enterprises Statement of Owner's Equity For Year Ended December 31, 20--
J. B. Gray, capital, January 1, 20--		$88,000
Net income for the year	$27,800
Less: Withdrawals for the year	11,600
Increase in capital		16,200
J. B. Gray, capital, December 31, 20--		$104,200

Jackson Enterprises Balance Sheet December 31, 20--
Assets
Current assets:
Cash		$20,800
Accounts receivable		18,900
Merchandise inventory	27,000
Estimated returns inventory	1,177	28,177
Supplies		1,323
Prepaid insurance		900
Total current assets			$70,100
Property, plant, and equipment:
Building	$90,000
Less: Accumulated depreciation-building	28,000	$62,000
Equipment	$33,000
Less: Accumulated depreciation-equipment	7,500	25,500
Total property, plant, and equipment			87,500
Total assets			$157,600
Liabilities
Current liabilities:
Accounts payable	$11,100
Customer refunds payable	1,500
Wages payable	500
Sales tax payable	1,200
Mortgage payable	800
Total current liabilities		$15,100
Long-term liabilities:
Mortgage payable	$39,100
Less: Current portion	800	38,300
Total liabilities			$53,400
Owner's Equity
J. B. Gray, capital			104,200
Total liabilities and owner's equity			$157,600

Compute the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $21,600.

Round answers to one decimal place.

Jackson Enterprises December 31, 20--

Working capital:	$fill in the blank 1
Current ratio:	fill in the blank 2	to 1
Quick ratio:	fill in the blank 3	to 1
Return on owner's equity:	fill in the blank 4%
Accounts receivable turnover:	fill in the blank 5
Average number of days required to collect receivables	fill in the blank 6
Inventory turnover:	fill in the blank 7
Average number of days required to sell inventory	fill in the blank 8