Problem $16-43$ Liquidity Analysis

The following selected information is taken from the financial statements of Arnn Company for

its most recent year of operations:

Beginning balances:

Inventory $$200000$

Accounts receivable $=$$$300000$

Ending balances:

Inventory$=$$$250000$

Accounts receivable$=$$$400000$

Cash$=100,000$

Marketable securities $($short $-$term$)=200,000$

Prepaid expense$=50000$

Accounts payable$=175,000$

Taxes payable$=85,000$

Wages payable$=90,000$

Short$-$term loans payable$=50000$

During the year, Arnn had net sales of $$2\mathrm{.}45$ million. The cost of goods sold was $$1\mathrm{.}3$ million.

Required:

Note: Round all answers to two decimal places.

Compute the current ratio.

Compute the quick or acid$-$test ratio.

Compute the accounts receivable turnover ratio.

Compute the accounts receivable turnover in days.

Compute the inventory turnover ratio.

Compute the inventory turnover in days.