requirements

Score: 0.62 of 2 pts 3 of 6 (6 complete) &EI 2-16A (similar to) The financial statements of Ocean, Inc., include the following items: (Click 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 assets Current liabilities Current ratio 198,000 95,000 2.08 Requirement 1b. Compute the quick ratio. (Round your answer to two decimal places.) Cash +ST investments Net current receivables Current liabilities Quick ratio 29,000 13,000 64,000 95,000 1.12 Requirement 1c. Compute the cash conversion cycle. (Do not round any intermediary calculations. Round to the nearest full day and us Cash conversion Days-sales-in-inventory AR collection period A/P payment Period + cycle days Choose from any list or enter any number in the input fields and then click Check Answer 4 Pertaining parts Clear All i 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, () 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 term.) Accounts receivable, Avg Average, ST Short- Print Done Check Answer 1 Data Table Previous Year Current Year Balance Sheet 29,000 $ 35,000 Cash 24,000 13,000 Short-term investments.... Accounts receivables, net .. 64,000 80,000 43,000(f 80,000 Inventory 0 12,000 16,000 Prepaid expenses .. 198,000 198,000 Total current assets.. . 43,000 41,000 Accounts payable 95,000 93,000 Total current liabilities Income Statement $554,800 Net sales Cost of goods sold.. .. 318,000 Net income 53,000 Print Done ick Check Answer Clear All