Partial comparative balance sheet and income statement information for Smith Company is as follows:

In 2010, the year-end balances for Accounts Receivable and Inventory were $64,800 and $102,400, respectively. Accounts payable was $61,200 in 2010 and is the only current liability. Compute the current ratio, quick ratio, receivable turnover, day's sales uncollected, inventory turnover, days' inventory on hand, payables turnover, and days' payable for each year. Comment on the change in the company's liquidity position, including its operating cycle and required days of financing from 2011 to2012.

2012 2011 S 20,800 34,400 71,200 99,200 S225,600 S 56,400 S441,440 406,720 S 34,720 Cash Marketable securitics S 27,200 14,400 Accounts receivabie (ne89,600 Inventory Total current assets Accounts payable Net sales Cost of goods sold Gross margin 108,800 $240,000 S 80,000 $645,120 435,200 $209,920