The financial statements of Valerie’s Natural Foods include the following items: 

Compute the following ratios for the current year: 

a. Current ratio 

b. Cash ratio 

c. Acid-test ratio 

d. Inventory turnover

e. Days’ sales in inventory 

f. Days’ sales in receivables 

g. Gross profit percentage

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Balance Sheet: Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income Statement: Net Credit Sales Cost of Goods Sold Current Year $ 16,000 19,000 60,000 78,000 17,000 190,000 136,000 $ 476,000 312,000 Preceding Year $ 26,000 28,000 92,000 74,000 6,000 226,000 82,000