The financial statements of

Harris

Ltd. include the following items:

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Required

Compute the following ratios for

2020:

(a) current ratio, (b) acid-test ratio, (c) inventory turnover, (d) days' sales in inventory, (e) accounts receivable turnover, and (f) days' sales in receivables.

2020	2019
Balance sheet balances
Cash	$14,000	$16,000
Short-term investments	11,000	10,500
Net receivables	43,000	41,000
Inventory	49,000	44,000
Prepaid expenses	6,500	6,500
Total current assets	$123,500	$118,000
Total current liabilities	$87,000	$48,000
Income statement balances
Net credit sales	$260,000
Cost of goods sold	150,000

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