PART II: Short Open-ended Problems (each question worth 1.5 points) Instructions: Determine a solution for each problem. Enter your final numerical answer on the THPS-2 Answer Submission Form on iCollege. Enter dollar answers rounded to the nearest cent, without a dollar sign and without any commas (for example, enter $3,210.35987 as 3210.36); enter percent answer rounded to 1 decimal place, without a percent sign and without any commas (for example, enter 0.274324 = 27.4324% as 27.4). USE THE TABLE BELOW TO ANSWER QUESTIONS 26-30 WKS Corporation Selected Financial Data (Note: if a sub-account is not specifically mentioned, assume it is equal to 0) December 31, 2019 Current assets $150,000 Current portion of long-term debt 55,000 Inventories 50,000 Accounts payable 15,000 Notes payable 75,000 Accounts receivable 40,000 Net sales 900,000 Long-term debt 275,000 Wage, tax and other accruals 30,000 Cost of goods sold 675,000 Operating profit 310,000 26. WKS's current ratio is (Record your answer rounded to 2 decimal places) 27. WKS's quick ratio is (Record your answer rounded to 2 decimal places) 28. WKS's average collection period (assuming 85% of net sales are on credit and there are 360 days per year) (Record your answer as the number of days rounded to 1 decimal place) 1S 29. WKS's gross profit margin is 30. WKS's inventory turnover ratio is (Record your answer rounded to 2 decimal places) PART II: Short Open-ended Problems (each question worth 1.5 points) Instructions: Determine a solution for each problem. Enter your final numerical answer on the THPS-2 Answer Submission Form on iCollege. Enter dollar answers rounded to the nearest cent, without a dollar sign and without any commas (for example, enter $3,210.35987 as 3210.36); enter percent answer rounded to 1 decimal place, without a percent sign and without any commas (for example, enter 0.274324 = 27.4324% as 27.4). USE THE TABLE BELOW TO ANSWER QUESTIONS 26-30 WKS Corporation Selected Financial Data (Note: if a sub-account is not specifically mentioned, assume it is equal to 0) December 31, 2019 Current assets $150,000 Current portion of long-term debt 55,000 Inventories 50,000 Accounts payable 15,000 Notes payable 75,000 Accounts receivable 40,000 Net sales 900,000 Long-term debt 275,000 Wage, tax and other accruals 30,000 Cost of goods sold 675,000 Operating profit 310,000 26. WKS's current ratio is (Record your answer rounded to 2 decimal places) 27. WKS's quick ratio is (Record your answer rounded to 2 decimal places) 28. WKS's average collection period (assuming 85% of net sales are on credit and there are 360 days per year) (Record your answer as the number of days rounded to 1 decimal place) 1S 29. WKS's gross profit margin is 30. WKS's inventory turnover ratio is (Record your answer rounded to 2 decimal places)
