The financial statements for Jackson Enterprises $($income statement, statement of owner$$s equity, and balance sheet$)$ are shown.

Jackson Enterprises

Income Statement

For Year Ended December $31,20--$

Revenue from sales:

Sales $$180,000$

Less: Sales returns and allowances $10,000$

Net sales $$170,000$

Cost of goods sold:

Merchandise inventory, January $1,20--$ $$6,600$

Estimated returns inventory, January $1,20--1,400$ $$8,000$

Purchases $$93,230$

Less: Purchases returns and allowances $$1,850$

Purchases discounts $1,8903,740$

Net purchases $$89,490$

Add: Freight$-$in $907$

Cost of goods purchased $90,397$

Goods available for sale $$98,397$

Less: Merchandise inventory, Dec. $31,20--$ $$9,300$

Estimated returns inventory, Dec. $31,20--1,20010,500$

Cost of goods sold $87,897$

Gross profit $$82,103$

Operating expenses:

Wages expense $$37,636$

Advertising expense $1,148$

Supplies expense $372$

Phone expense $2,182$

Utilities expense $10,718$

Insurance expense $942$

Depreciation expense$$building $3,502$

Depreciation expense$$equipment $3,942$

Miscellaneous expense $516$

Total operating expenses $60,958$

Income from operations $$21,145$

Other revenues:

Interest revenue $$1,736$

Other expenses:

Interest expense $758978$

Net income $$22,123$

Jackson Enterprises

Statement of Owner's Equity

For Year Ended December $31,20--$

J$.$ B$.$ Gray, capital, January $1,20--$ $$84,697$

Net income for the year $$22,123$

Less: Withdrawals for the year $18,000$

Increase in capital $4,123$

J$.$ B$.$ Gray, capital, December $31,20--88,820$

Jackson Enterprises

Balance Sheet

December $31,20--$

Assets

Current assets:

Cash $$21,000$

Accounts receivable $18,810$

Merchandise inventory $9,300$

Estimated returns inventory $1,20010,500$

Supplies $1,400$

Prepaid insurance $850$

Total current assets $$52,560$

Property, plant, and equipment:

Building $$91,500$

Less: Accumulated depreciation$-$building $27,000$ $$64,500$

Equipment $$32,500$

Less: Accumulated depreciation$-$equipment $7,40025,100$

Total property, plant, and equipment $89,600$

Total assets $$142,160$

Liabilities

Current liabilities:

Accounts payable $$10,950$

Customer refunds payable $1,450$

Wages payable $600$

Sales tax payable $1,100$

Mortgage payable $($current portion$)700$

Total current liabilities $$14,800$

Long$-$term liabilities:

Mortgage payable $$39,240$

Less: Current portion $70038,540$

Total liabilities $$53,340$

Owner's Equity

J$.$ B$.$ Gray, capital $88,820$

Total liabilities and owner's equity $$142,160$

Compute the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January $1,20--,$ was $$22,100.$

Round answers to one decimal place.

blank

Jackson Enterprises

December $31,20--$

Working capital $fill in the blank $1$

$37,760$

Current ratio fill in the blank $2$

$3\mathrm{.}60$

to $1$

Quick ratio fill in the blank $3$

to $1$

Return on owner's equity fill in the blank $4$

$25\mathrm{.}5$

$\%$

Accounts receivable turnover fill in the blank $5$

$8\mathrm{.}3$

Average number of days required to collect receivables fill in the blank $6$

$44$

days

Inventory turnover fill in the blank $7$

Average number of days required to sell inventory fill in the blank $8$

days