Question 2

Selected financial statement data for Mure Company are presented below.

		December 31, 2017			December 31, 2016
Cash		$ 40,000			$30,000
Short-term investments		20,000			18,000
Accounts receivable (net)		100,000			90,000
Inventory		80,000			60,000
Total current liabilities		100,000			90,000

During 2017, net sales were $950,000, and cost of goods sold was $770,000.

Compute the current ratio at December 31, 2017. (Round answer to 1 decimal place, e.g. 2.1:1)

Current ratio

:1

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Compute the acid-test ratio at December 31, 2017. (Round answer to 2 decimal places, e.g. 2.15:1)

Acid-test ratio

:1

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Compute the accounts receivable turnover at December 31, 2017.

Accounts receivable turnover

times

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Compute the inventory turnover at December 31, 2017.

Inventory turnover.

times