Use the following information to answer questions 105107.

Green Thumb Garden Supplies reported the following information for 2015 and 2016.

2016 2015

Assets

Cash........................................................... ... $ 50,000 $ 45,000

Accounts receivable................................... ....... 35,000 25,000

Merchandise inventory............................... ....... 25,000 20,000

Property, plant, and equipment.................. ... 240,000 210,000

Total assets................................................ ... $350,000 $300,000

Liabilities and Shareholders Equity

Current liabilities......................................... ... $ 65,000 $ 60,000

Non-current liabilities.................................. ..... 110,000 90,000

Shareholders equitycommon................ ... 175,000 150,000

Total liabilities and shareholders equity.... ... $350,000 $300,000

Income statement for 2016

Sales................................................................. $95,000

Cost of goods sold...................................... ..... 45,000

Gross profit................................................. ....... 50,000

Operating expenses................................... ..... 15,000

Profit before income tax............................. ....... 35,000

Income tax expense................................... ..... 5,000

Profit........................................................... ..... $30,000

105. What is the current ratio for 2016?

(a) 2.0:1

(b) 1.7:1

(c) 1.6:1

(d) 0.6:1

106. What is the receivables turnover ratio for 2016?

(a) 2.7 times

(b) 2.0 times

(c) 3.2 times

(d) 3.8 times

107. What is the inventory turnover ratio for 2016?

(a) 2.3 times

(b) 2.0 times

(c) 1.8 times

(d) 0.5 times

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