Profitability Ratios Bryce Company manufactures pet supplies. However, Bryce's electronic accounting system recently crashed and, unfortunately, only a partial recovery of the company's year-end accounting records (which included several profitability ratios) was possible. As a result, Bryce's controller, a bright young CMA named Jeanette, must compute various lost financial account balances using the recovered information listed below. Long-term liabilities $1,500,000 Ending inventory is the same as beginning inventory. Gross margin $2,000,000 Net sales $7,300,000 Accounts receivable turnover 40 Ending accounts receivable is the same as beginning accounts receivable. Total liabilities Current ratio Cash Quick ratio Inventory turnover in days Required: Assume 365 days per year. $2,000,000 3 $500,000 2.5 3.65 Cash Quick ratio Inventory turnover in days Required: Assume 365 days per year. 1. Calculate current liabilities. 500,000 2. Calculate current assets. 1,250,000 X $500,000 2.5 3.65 3. Calculate average accounts receivable. Round your answer to the nearest whole dollar, if required. 160,000 X 4. Calculate marketable securities. Round your answer to the nearest whole dollar, if required. 240,000 X 5. Calculate average inventory. 50,000 X Feedback