Question 3: The following Selected Financial Data information is extracted from the Sharkey Corporation

SHARKEY CORPORATION

Financial Data

As of December 31,

2011 2010

Cash 8,000 60,000

Marketable securities 30,000 8,000

Accounts receivable 40,000 110,000

Inventory 80,000 140,000

Net property, plant, property equipment 240,000 280,000

Accounts payable 60,000 100,000

Short term notes payable 30,000 50,000

Cash sales 1,500,000 1,400,000

Credit sales 600,000 900,000

Cost of goods sold 1,260,000 1,403,000

Required: Answer the following questions

a. Sharkey's acid test ratio for 2011 and 2010

b. Sharkey's receivable turnover for 2011

c. Sharkey's inventory turnover for 2011 is

d. Sharkey's current ratio for 2011 and 2010

e. Sharkey's gross profit margin for 2011 and 2010

Note: The answer must be handwritten and in an organized manner