Question: 6 Final Exam - Requires Respondus LockDown Browser + Webcam 23 U 20 17 33 26 27 30 24 18 21 Question 35 (14

6 Final Exam - Requires Respondus LockDown Browser + Webcam 23 U 20 17 33 26 27 30 24 18 21 Question 35 (14 points) The financial statements of the news magazine publisher Daily Rain Inc. include the following items: Selected Balance Sheet Items Cash Short term investements Accounts receivables, net Inventory Prepaid expenses Total: 2021 $58,500 24,000 26,000 82,600 23,200 231,300 Blank #1: Current ratio (round to two digits) Blank #2: Quick (acid test) ratio (round to two digits) d to one digit) Iround 2020 Furthermore, the company shows total non-current assets of $8,325,000 and $8,433,000 for the years 2021 and 2020, respectively. The current liabilities total $107,600 and $95,800 for the years 2021 and 2020, respectively. Daily Rain Inc. realized net credit sales of $3,254,000 and recorded $2,935,000 in costs of goods sold for the year 2021. $35,300 16,900 60,000 98,000 18,400 248,600 Requirement 1: Compute the following ratios for the year 2021. Upload your calculations to the dropbox after submitting the online exam. 17 20 S 24 33 27 HENNE 30 18 21 Requirement 1: Compute the following ratios for the year 2021. Upload your calculations to the dropbox after submitting the online exam. Blank #1: Current ratio (round to two digits) Blank #2: Quick (acid test) ratio (round to two digits) Blank #3: Inventory turnover (round to one digit) Blank #4: Accounts receivable turnover (round to one digit) Requirement 2: Answer the questions below. 2-3 sentences each. Blank #5: How do you interpret the liquidity of the company based on your calculations? Blank #6: What can you learn from the inventory turnover in this particular case? Blank #7: What additional information would you need (or calculate) to gain further insights of Daily Rain Inc.'s financial health and why? Blank # 1 Blank # 2 Blank #3 Blank # 4 Blank # 5 Blank # 6

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