the financial statements of Johnny Company for the
year indicated:

	2010	2011	2012
Accounts receivable, net	P 40,0 00	P 42, 500	P 45,0 00
Inventory	40,0 00	50, 000	45,0 00
Current assets	120, 000	140 ,00 0	130, 000
Total assets, net	700, 000	750 ,00	725, 000

 

Current liabilities	70,0 00	80, 000	50,0 00
Cash sales	400, 000	420 ,00 0	450,000
Credit sales	120, 000	125 ,00 0	131, 250
ar. Cost of sales	310, 000	324 ,00 0	345, 000

(Use 360 days in a year)

1. What should be the age of receivables for 2011?

 2. What is the estimate number of days in inventory for 2010?

3. What is the working capital turnover for 2011?

4. At December 31, 2011, Johnny's current ratio was