Inventory 3 Calculate ratios: sheet item investments financial statements of a company include the following items Prior year Current year 23,500 16,500 24,000 10,750 49,000 77,360 78,500 21 000 8,000 21,500 Prepaid Expenses 178,750 211,360 Total current assets 125,000 86,000 Total current liabilities Income Statement: Net credit sales 477,050 Cost of goods sold 319,000 Requirement. Compute the following ratios for the current year: 1) Current ratio 2) Acid-test ratio 3) Inventory turnover 4) Days' sales in average receivables