The financial statements of Vanna's Natural Foods include the following items:

	Current Year	Preceding Year
Balance Sheet:
Cash	$24,000	$27,000
Short-term Investments	11,000	24,000
Net Accounts Receivables	42,000	88,000
Merchandise Inventory	66,000	60,000
Prepaid Expenses	11,000	7,000
Total Current Assets	154,000	206,000
Total Current Liabilities	137,000	91,000
Income Statement:
Net Credit Sales	$462,000
Cost of Goods Sold	312,000

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

=

Total current assets / Total current liabilities

=

b. Compute the cash ratio for the current year. (Round your answer to two decimal places, X.XX.)

Cash ratio

=

(Cash + Cash equivalents) / Total current liabilities

=

c. Compute the acid-test ratio for the current year. (Round your answer to two decimal places, X.XX.)

Acid-test ratio

=

(Cash + STI + Net current receivables) / Total current liabilities

=

d. Compute the inventory turnover for the current year. (Round your answer to two decimal places, X.XX.)

Inventory turnover

=

Cost of goods sold / Average merchandise inventory

=

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

=

365 days / Inventory turnover

=

days

f. Compute the days' sales in receivables for the current year. (Round intermediary calculations to two decimalplaces, X.XX and round your final answer to nearest whole day.)

Days' sales in receivables

=

365 days / Accounts receivable turnover ratio

=

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

=

Gross profit / Net sales revenue

=

%