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Excerpts from Stepney Corporation's most recent balance sheet (in thousands of dollars) appear below:

	Year 2	Year 1
Current assets:
Cash	$	230	$	110
Accounts receivable		230		240
Inventory		110		130
Prepaid expenses		57		67
Total current assets	$	627	$	547
Current liabilities:
Accounts payable	$	160	$	160
Accrued liabilities		70		87
Notes payable, short term		67		57
Total current liabilities	$	297	$	304

Sales on account during the year totaled $1,430 thousand. Cost of goods sold was $885 thousand.

Required:
a.	Compute the following working capital for Year 2.(Enter your answer in thousands of dollars, i.e., 100,000 should be entered as 100. Omit the "$" sign in your response.)

Working capital

$

b.	Compute the following current ratio for Year 2.(Round your answer to 2 decimal places.)

Current ratio

c.	Compute the following acid-test ratio for Year 2.(Round your answer to 2 decimal places.)

Acid-test ratio

d.	Compute the following accounts receivable turnover for Year 2.(Round your answer to 2 decimal places.)

Accounts receivable turnover

e.	Compute the following average collection period for Year 2.(Use 365 days in a year. Round your intermediate calculations to 2 decimals places and your final answer to 1 decimal place.)

Average collection period

days

f.	Compute the following inventory turnover for Year 2.(Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Inventory turnover

$

g.	Compute the following average sale period for Year 2.(Use 365 days in a year. Round your intermediate calculations to 2 decimals places and your final answer to 1 decimal place.)

Average sale period

days

rev: 03_02_2015_QC_CS-9044

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1.

Gulick Corporation's most recent income statement appears below:

Sales (all on account)	$	410,000
Cost of goods sold		215,000
Gross margin		195,000
Selling and administrative expenses		98,000
Net operating income		97,000
Interest expense		19,000
Net income before taxes		78,000
Income taxes (30%)		23,400
Net income	$	54,600

The beginning balance of total assets was $410,000 and the ending balance was $370,000.

Required:

Compute the return on total assets.(Round your answer to 1 decimal place. Omit the "%" sign in your response.)

Return on total assets

%