Question: a. What is the current ratio for 2009? b. How many days on average does it take Precision Tool to sell its inventory? (Use 2009

a. What is the current ratio for 2009? b. How many

days on average does it take Precision Tool to sell its inventory?

a. What is the current ratio for 2009? b. How many days on average does it take Precision Tool to sell its inventory? (Use 2009 values)

Precision Tool 2009 Income Statement \begin{tabular}{lr} Net sales & $36,408 \\ Less: Cost of goods sold & 28,225 \\ Less: Depreciation & 1,760 \\ \cline { 2 - 2 } before interest and taxes & 6,423 \\ Less: Interest paid & 510 \\ Taxable Income & $5,913 \\ Less: Taxes & 2,070 \\ Net income & $3,843 \\ \hline \end{tabular} Precision Tool 2008 and 2009 Balance Sheets

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