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Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $55,900; total assets, $239,400; common stock, $83,000; and retained earnings, $51,406.) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 450, 600 Cost of goods sold 298,450 Gross profit 152, 150 Operating expenses 99, 200 Interest expense 4,900 Income before taxes 48,050 Income tax expense 19,356 Net income $ 28,694 $ Assets Cash Short-term investments Accounts receivable, net Merchandise inventory CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity $ 20,000 Accounts payable 8,800 Accrued wages payable 33,400 Income taxes payable 34,150 Long-term note payable, secured by mortgage on plant assets 2,850 Common stock 154,300 Retained earnings $ 253,500 Total liabilities and equity 17,500 3,600 2,900 66,400 Prepaid expenses Plant assets, net Total assets 83,000 80,100 $ 253,500 Req 1 and 2 Req3 Reg 4 Req 5 Req 6 Req 7 Req 8 Req 9 Req 10 Req 11 Compute the current ratio and acid-test ratio. (1) Current Ratio Choose Numerator: Choose Denominator: Current Ratio Current assets 1 Current liabilities = Current ratio $ 253,500 X 1 = 0 to 1 (2) Acid-Test Ratio Choose Numerator: Choose Denominator: Acid-Test Ratio Acid-Test Ratio 0 to 1 Req 1 and 2 Req3 Req 1 and 2 Reg 3 Req 4 Req 5 Req 6 Req 7 Reg 8 Req 9 Req 10 Req 11 Compute the days' sales uncollected. (3) Choose Numerator: Days' Sales Uncollected Choose Days Denominator: = Days Sales Uncollected X Days sales uncollected 1 1 = 0 days Req 1 and 2 Req3 Req 4 Req 5 Req 6 Req 7 Req 8 Req 9 Req 10 Req 11 Compute the days' sales in inventory. (5) Days' Sales in Inventory. Choose Numerator: Choose Denominator: Days Days' Sales in Inventory Days' sales in inventory o days 1 1 =