The financial statements of Baca Bay Ltd. include the following items:

Required

Compute the following ratios for 2020, showing results to two decimal places: 

(a) Current ratio, 

(b) Acid-test ratio, 

(c) Inventory turnover, 

(d) Days’ sales in inventory, 

(e) Accounts receivable turnover, 

(f) Days’ sales in receivables.

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A B C 1 2020 2019 2 Balance sheet balances 3 Cash 4 Short-term investments 5 Net receivables 6 Inventory 7 Prepaid expenses 8 Total current assets 9 Total current liabilities 10 Income statement balances $ 11,500 $ 14,500 6,500 10,500 39,000 35,000 45,500 38,500 3,500 3,500 $106,000 $102,000 $ 69,000 $ 46,000 11 Net credit sales $248,500 12 Cost of goods sold 138,500