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Question - Jefferson Company had the following comparative current assets and current liabilities:
Dec. 31, Year 2
Dec. 31, Year 1
Current assets
Cash
$50,000
$45,000
Marketable securities
25,000
30,000
Accounts receivable
75,000
85,000
Inventory
40,000
50,000
Prepaid expenses
35,000
Total current assets
$225,000
$245,000
Current liabilities
Accounts payable
$85,000
$80,000
Salaries payable
Income tax payable
15,000
20,000
Total current liabilities
$125,000
$130,000
During Year 2, credit sales and cost of goods sold were $500,000 and $315,000, respectively.
Required - Compute the following liquidity measures for Year 2. If required, round your answers to two decimal places.
A. The current ratio
B. The quick ratio
C. The receivables turnover
D. The inventory turnover
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