Financial statements for Grange Company are as follows:

Financial statements for Grange Company are as follows:

Grange Company Comparative Balance Sheet At December 31, Year 2 and Year 1
	Year 2		Year 1
Current assets:
Cash and marketable securities	$ 180,000		$ 160,000
Accounts receivable, net	150,000		120,000
Inventory	110,000		100,000
Prepaid expenses	40,000		50,000
Total current assets	$ 480,000		$ 430,000
Noncurrent assets:
Plant & equipment, net	1,390,000		1,320,000
Total assets	$1,870,000		$1,750,000
Current liabilities:
Accounts payable	$ 140,000		$ 130,000
Accrued liabilities	60,000		80,000
Notes payable, short term	100,000		100,000
Total current liabilities	$ 300,000		$ 310,000
Noncurrent liabilities:
Bonds payable	270,000		300,000
Total liabilities	$ 570,000		$ 610,000
Stockholders' equity:
Preferred stock, $5 par, 5%	$ 100,000		$ 100,000
Common stock, $5 par	220,000		220,000
Additional paid-in capitalcommon stock	190,000		190,000
Retained earnings	790,000		630,000
Total stockholders' equity	$1,300,000		$1,140,000
Total liabilities & stockholders' equity	$1,870,000		$1,750,000

Grange Company Income Statement For the Year Ended December 31, Year 2
Sales (all on account)			$2,400,000
Cost of goods sold			1,680,000
Gross margin			$ 720,000
Operating expenses			280,000
Net operating income			$ 440,000
Interest expense			30,000
Net income before taxes			$ 410,000
Income taxes (30%)			123,000
Net income			$ 287,000

Dividends during Year 2 totaled $127,000, of which $5,000 were preferred dividends.

The market price of a share of common stock on December 31, Year 2, was $100.

Required:

Compute the following liquidity ratios for Year 2. Round the answers to two decimal places. For requirement E, assume that there are 365 days in a year.

A. Current ratio	...... to 1
B. Quick ratio	..... to 1
C. Accounts receivable turnover ratio	.......times
D. Inventory turnover ratio	....... times
E. Inventory turnover in days	......days