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Exercise 12-8 Matthias Medical manufactures hospital beds and other institutional furniture. The companys comparative balance sheet and income statement for 2012 and 2013 follow.

Matthias Medical Comparative Balance Sheet As of December 31
2013	2012
Assets
Current assets
Cash	$366,000	$417,500
Accounts receivable, net	1,038,000	776,400
Inventory	733,000	681,000
Other current assets	381,400	247,000
Total current assets	2,518,400	2,121,900
Property, plant, & equipment, net	8,710,515	8,440,030
Total assets	$11,228,915	$10,561,930
Liabilities and Stockholders Equity
Current liabilities	$3,169,000	$2,846,000
Long-term debt	3,702,600	3,892,600
Total liabilities	6,871,600	6,738,600
Preferred stock, $5 par value	58,900	59,000
Common stock, $0.25 par value	104,700	103,800
Retained earnings	4,193,715	3,660,530
Total stockholders equity	4,357,315	3,823,330
Total liabilities and stockholders equity	$11,228,915	$10,561,930

Matthias Medical Comparative Income Statement and Statement of Retained Earnings For the Year
2013	2012
Sales revenue (all on account)	$10,177,300	$9,614,000
Cost of goods sold	5,613,550	5,298,750
Gross profit	4,563,750	4,315,250
Operating expenses	2,840,300	2,634,150
Net operating income	1,723,450	1,681,100
Interest expense	300,400	308,700
Net income before taxes	1,423,050	1,372,400
Income taxes (30%)	426,915	411,720
Net income	$996,135	$960,680
Dividends paid
Preferred dividends	29,500	29,450
Common dividends	433,450	413,000
Total dividends paid	462,950	442,450
Net income retained	533,185	518,230
Retained earnings, beginning of year	3,660,530	3,142,300
Retained earnings, end of year	$4,193,715	$3,660,530

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Calculate the following liquidity ratios for 2013. (If working capital is negative then enter with a negative sign preceding the number or parenthesis, e.g. -15,000 or (15,000). Round all answers except working capital to 2 decimal places, e.g. 2.55.)

a.	Working capital	$
b.	Current ratio
c.	Acid-test ratio
d.	Accounts receivable turnover		times

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Calculate the following liquidity ratios for 2013. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.)

a.	Average collection period	days
b.	Inventory turnover	times

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Calculate average days to sell inventory for 2013. (Round answer to 0 decimal places, e.g. 25. Use 365 days for calculation.)

Average days to sell inventory

days