Generalized Statement 1. Based on the financial stalements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20- was $21,600. Assume 365 days per year. If required, round your answers to two decimal places. For return on owner's equity, enter as a percent but do not include percent sign. Round average number of days answers to one decimal place. Jackson Enterprises December 31, 20- Working capital: to 1 Current ratio: to 1 Quick ratio: Return on owners equity: Accounts receivable turnover: Average number of days required to collect receivables 7:56 PM ^ ad, g- 5/20/2019 Average number of days required to collect receivables Inventory turnover: Average number of days required to sell inventory Instructions Generalized Statement Instructions Financial Ratios 1. Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20, was $21,600. Assume 365 days per year. If required, round your answers to two decimal places. For return on owner's equity, enter as a percent but do not include percent sign. Round average number of days answers to one decimal place 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owner's equity 5. Accounts receivable turnover and average number of days required to collect receivables 6. Inventory turnover and average number of days required to sell inventory Jackson Enterprises Income Statement 757 PM Instructions 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-- $31,300 Purchases $92,800 Less: Purchases returns and allowances $1,800 Purchases discounts 1,856 3,656 Instructions 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, December 31, 20- 28,177 Cost of goods sold 93,200 Gross profit $88,900 Operating expenses: