Requirement 1. Compute the following ratios for the current year: (a) current ratio, (b) quick ratio, (c) cash conversion cycle, (d) accounts receivable turnover, (e) inventory turnover, (f) gross profit percentage, and (g) net income percentage. Round all calculations to two decimal places, days to full days, and percentages to the nearest tenth of a percent. Assume all sales are on credit. (Abbreviations used: A/R = Accounts receivable, Avg = Average, ST = Short- term.) 1 Data Table Current Year Previous Year Balance Sheet Cash 13,000 $ 45,000 Short-term investments 11,000 29,000 Accounts receivables, net 61,000 72,000 43,000 75,000 Inventory Prepaid expenses 10,000 6,000 Total current assets 170,000 195,000 36,000 Accounts payable 43,000 Total current liabilities 83,800 92,000 Income Statement Net sales $ 500,000 Cost of goods sold 325,500 Net income 49,000 The financial statements of Roger Workman, Inc., include the following items: BClick the icon to view the financial statements.) Read the requirement. Requirement 1a. Compute the current ratio. Select the formula and then enter the amounts to calculate the current ratio for the current year. (Round your answer to two decimal places.) Current ratio Requirement 1b. Compute the quick ratio. (Round your answer to two decimal places.) + + )/ = Quick ratio + + Requirement 1c. Compute the cash conversion cycle. (Do not round any intermediary calculations. Round to the nearest full day and use a 365-day year for your computations.) Cash conversion + cycle + II days Read the requirement. uay Requirement 1d. Compute the accounts receivable turnover. (Round your answer to two decimal places.) = Accounts receivable turnover times Requirement 1e. Compute the inventory turnover. (Round your answer to two decimal places.) Inventory turnover times Requirement Compute the gross profit percentage. (Round the percentage to the nearest tenth of a percent X.X%.) Gross profit percentage % Requirement 1g. Compute the net income percentage. (Round the percentage to the nearest tenth of a percent X.X%.) X = Net income percentage %