Rainbow Paint Co. Comparative Income Statement For the Years Ended December 31, 2010 and 2009 Sales returns and lowances Net sales Cost of goods sold Gross profit 2010 55,125.000 125.000 $5.000.000 3.400.000 $1.600.000 2009 53.252000 57600 $3.200.000 2.080,000 31.120.000 Rainbow Paint Co. Comparative Balance Sheet December 31, 2010 and 2009 Dec. 31. 2010 Dec. 31. 2009 Assets Current assets Cash Temporary investments Accounts receivable (not) Inventories Prepaid expenses Total current sets Long-term investments Property, plant, and equipment (net Total assets $ 175.000 150,000 425.000 720,000 30.000 $1.500.000 250.000 2.000.000 SE3.000 $125,000 50,000 325.000 480,000 20,000 51,000,000 225.000 1.908,000 $3,173 000 Liabilities Current liabilities alreed Diablo 750,000 $ 650,000 2. Determine the following measures for 2010: 1. Working capital Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables Inventory turnover 7. Number of days' sales in inventory Cash ratio 6. 8