1. Use the Associated Industries Balance sheet and Profit and Loss to calculate the efficiency ratios and working capital for 2016 and 2017.

Associated Industries
		2016	2017
Data
Ending Inventory		$54,000	$111,500
Ending Accounts Receivable		$132,750	$151,750
Ending Accounts Payable		$40,500	$77,580
Revenue		$375,000	$386,250
Cost of Goods Sold		$211,056	$217,388
Revenue per Day		$1,042	$1,073
Cost of Goods Sold Per day		$586	$604
Current Assets		$227,250	$275,902
Current Liabilities		$40,500	$77,580
Total Assets		$270,000	$316,402
Efficiency Ratios
Days in Inventory
Collection Period
Payment Period
Cash Conversion Cycle
Inventory Turnover Ratio
Asset Turnover Ratio
Working Capital