The balance sheet and other information in the question relate to Colorado Ltd and Columbia Ltd.

Balance sheets as at 30 June 2017
		Colorado Ltd		Columbia Ltd
Current assets
Cash assets		$22,600		$18,000
Receivables (net trade)		118,000		79,975
Inventories		91,410		64,340
Other		2,220		3,190
Total current assets		234,230		165,505
Non-current assets
Property, plant and equipment		372,700		313,500
Total non-current assets		372,700		313,500
Total assets		$606,930		$479,005
Current liabilities
Payables		90,100		67,500
Total current liabilities		90,100		67,500
Non-current liabilities
Interest-bearing liabilities		136,000		113,000
Total non-current liabilities		136,000		113,000
Total liabilities		226,100		180,500
Equity
Contributed equity		234,430		223,905
Retained earnings		146,400		74,600
Total equity		380,830		298,505
Total liabilities and equity		$606,930		$479,005

Additional information: 1. The income statements for the two companies for the year ended 30 June reveal the following:

		Colorado Ltd		Columbia Ltd
Income (sales revenue)		$855,500		$648,200
Cost of sales		572,900		431,800
Profit		29,100		38,300

2. The totals of certain items as at 1 July 2016 were:

		Colorado Ltd		Columbia Ltd
Inventories		$85,300		$57,100
Total assets		573,300		466,300
Retained earnings		132,200		60,500
Trade accounts receivable (net)		99,800		75,150

Calculate the following ratios for both entities. (Round times answers to 2 decimal places, e.g. 1.75 and days answers to 0 decimal places, e.g. 50. Days should be rounded up e.g. 7.07 days becomes 8 days. Assume all sales are credit sales.)

				Colorado Ltd			Columbia Ltd
i.		Current ratio			times			times
ii.		Quick ratio			times			times
iii.		Inventory turnover			days			days
iv.		Average collection period for receivables			days			days

Note: The gross accounts receivable should be used for this calculation but only net receivables is available in the question. In this case use net receivables in calculating average accounts receivable (i.e. average trade debtors).