PPC Ltd. signed a five-year term loan in 2020 in which PPC was required to maintain a current ratio of 2.5 times for a loan covenant. PPC provides normal credit terms of net 30 on all its sales. The following amounts were reported in the companys year-end financial statements for 2020 and 2019:

		2020		2019
Cash		$188,700		$282,400
Accounts receivable		179,700		90,600
Short-term investments		10,000		1,900
Inventory		429,900		403,100
Prepaid rent		74,300		74,300
Accounts payable		179,100		193,300
Wages payable		32,900		54,400
Income tax payable		49,600		59,500
Sales tax payable		15,100		15,100
Notes payable (within 1 yr.)		12,050		24,100
Bank loan payable		59,700		0
Sales revenue		1,902,100		1,661,600

Additional information: The bank loan payable is repayable in annual principal payments of $11,940.

Calculate the current ratio for 2019 and 2020. (Round answers to 2 decimal places, e.g. 15.25.)

		2020		2019
Current ratio

Calculate the quick ratio for 2019 and 2020. (Round answers to 2 decimal places, e.g. 15.25.)

		2020		2019
Quick ratio

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Calculate the accounts receivable turnover ratio for 2019 and 2020 (just use the current years Accounts Receivable balance).(Round answers to 1 decimal place, e.g. 15.2.)

		2020		2019
Accounts receivable turnover ratio			times

times

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How does PPCs average collection period compare to its normal credit terms? (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.)

		2020		2019
Average collection period		out of days		out of days