Home Insert Draw Page Layout Formulas Data Review View LA Paste 128 Arial 11 AA == BI U B OA V fix x Answer each question in the following 5 scenerios (each scenerio is in its own box with 2-3 related 4 questions). Scroll down to be sure you find all scenerios. 6 Jack Corporation has provided the following financial data: Cash Accounts receivable Total current assets Total current liabilities $188,000 $285,000 $709,000 $167.000 13 Required: 1 Compute the company's working capital. 2 Compute the company's current ratio. 3 Compute the company's acid test ratio. 4 Could a company's acid test ratio ever be higher than their current ratio, why or Why not? Gray Corporation has provided the following financial data from its balance sheet: Accounts receivable Year 2 $112.000 $174,000 $1,236,000 Year 1 $110,000 $150,000 $1,250,000 Inventory Total assets 39 Sales on account in Year 2 totaled $1,450,000 and cost of goods sold totaled $900,000 40 1 Calculate the company's accounts receivable turnover for Year 2 2 Calculate the company's average collection period for Year 2. Problem Problem 2 +