A partial balance sheet and income statement for King Corporation follow:

KING CORPORATION

Partial Balance Sheet

December 31, 2009

Assets

Current assets:

Cash .........................$ 33,493

Marketable securities ..................215,147

Trade receivables, less allowance of $6,000 .........255,000

Inventories, LIFO ....................523,000

Prepaid expenses ....................26,180

Total current assets ................$1,052,820

Liabilities

Current liabilities:

Trade accounts payable ................$ 103,689

Notes payable (primarily to banks) and commercial paper ....210,381

Accrued expenses and other liabilities ...........120,602

Income taxes payable ..................3,120

Current maturities of long-term debt .............22,050

Total current liabilities ..................$ 459,842

KING CORPORATION

Partial Income Statement

For Year Ended December 31, 2009

Net sales ...................$3,050,600

Miscellaneous income ..............45,060

$3,095,660

Costs and expenses:

Cost of sales .................$2,185,100

Selling, general, and administrative expenses .......350,265

Interest expense ...................45,600

Income taxes ...................300,000

2,880,965

Net income ...................$ 214,695

Required

Compute the following:

a. Working capital

b. Current ratio

c. Acid-test ratio

d. Cash ratio

e. Days’ sales in receivables

f. Accounts receivable turnover in days

g. Days’ sales in inventory

h. Inventory turnover in days

i. Operating cycle