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The financial statements of Jim's Natural Foods include the following items: (Click the icon to view the financial statements.) Compute the following ratios for the
The financial statements of Jim's Natural Foods include the following items: (Click the icon to view the financial statements.) Compute the following ratios for the current year: (Click the icon to view the ratios.) a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term investments. Round your answer to two decimal places, X.XX.) Current ratio b. Compute the cash ratio for the current year. (Round your answer to two decimal places, X.XX.) Cash ratio c. Compute the acid-test ratio for the current year. (Round your answer to two decimal places, X.XX.) Acid-test ratio d. Compute the inventory turnover for the current year. (Round your answer to two decimal places, X.XX.) Inventory turnover = times e. Compute the days' sales in inventory for the current year. (Round intermediary calculations to two decimal places, X.XX and round your final answer to the nearest whole day.) Days' sales in inventory days f. Compute the days' sales in receivables for the current year. (Round intermediary calculations to two decimal places, X.XX and round your final answer to nearest whole day.) Days' sales in receivables days g. Compute the gross profit percentage for the current year. (Round your answer to one tenth of a percent, X.X%.) Gross profit percentage % Current Year Preceding Year Balance Sheet: $ 23,000 $ 14,000 Cash Short-term Investments Net Accounts Receivables Merchandise Inventory 27,000 30,000 74,000 44,000 80,000 20,000 74,000 4,000 Prepaid Expenses Total Current Assets 181,000 209,000 82,000 132,000 Total Current Liabilities Income Statement: Net Credit Sales $ 476,000 Cost of Goods Sold 312,000 a. Current ratio b. Cash ratio Days' sales in inventory f. Days' sales in receivables g. Gross profit percentage C. Acid-test ratio d. Inventory turnover
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