Use the financial data below to calculate the following ratios for the current year (given below chart with fo decimal places (XX.XX%)!!! Also, you MUST show your work to get ANY credit at all! Income Statement Data Sales (all on credit) $650,000 Cost of goods sold $425,000 Income before taxes $78,000 Net Income $ 54,600 Ending Balances Beginning Balances Cash $19,500 $15.000 Accounts Rec. (net) $ 65,000 $ 60,000 Inventory $ 71,500 $ 64,500 Plant & Equipment $195.000 $183.900 Total Assets $351,000 $323,400 Current Liabilities $62,400 $ 52,700 Long-term Notes Pay. $97,500 $100,000 Compute: 1. Current Ratio - Current Assets/Current Liabilities 2. Acid-test ratio - (Cash + Short-term Investments + Current Receivables) Current Liabilities 3. Accounts Receivable Turnover = Net Sales / Average Accounts Receivable 4. DaysSales Uncollected Accounts Receivable / Net Sales x 365 Ending Balances Beginning Balances Cash $19,500 $15,000 Accounts Rec. (net) $ 65,000 $ 60,000 Inventory $ 71,500 $ 64,500 Plant & Equipment $195,000 $183,900 Total Assets $351,000 $323,400 Current Liabilities $62,400 $ 52,700 Long-term Notes Pay. $97,500 $100,000 Compute: 1. Current Ratio = Current Assets/Current Liabilities 2. Acid-test ratio = (Cash + Short-term Investments + Current Receivables) Current Liab 3. Accounts Receivable Turnover = Net Sales / Average Accounts Receivable 4. Days' Sales Uncollected = Accounts Receivable / Net Sales x 365 5. Inventory Turnover = Cost of Goods Sold / Average Inventory 6. Days' Sales in Inventory = Ending Inventory / Cost of Goods Sold x 365