The financial statements of Motion Auto Repair, Inc., include the following items:

Requirements
Compute the following ratios for the current year:
(a) Current ratio,
(b) Quick ratio,
(c) Cash conversion cycle,
(d) Accounts receivable turnover,
(e) Inventory turnover,
(f) Gross profit percentage, and
(g) Net income percentage.

Round all calculations to two decimal places, days to full days, and percentages to the nearest tenth of a percent. Assume all sales are on credit.

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Current Year Previous Year Balance Sheet $ 11,000 19,000 63,000 79,000 $ 51,000 32,000 94,000 Cash. Short-Term Investments . Accounts Receivable, Net. Inventory.. Prepaid Expenses. Total Current Assets.. Accounts Payable.. Total Current Liabilities 42,000 11,000 230,000 44,000 94,000 6,000 178,000 47,000 87,500 Income Statement Net Sales. Cost of Goods Sold . Net Income.. $462,000 360,000 56,000