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Question - A Partial balance sheet and income statement for King Corporation follow:
King Corporation Partial Balance Sheet 31-Dec-07
Assets
Current Assets
Cash
$33,493
Marketable securities
215,147
Trade receivables, less allowance of $6,000
255,000
Inventories, LIFO
523,000
Prepaid Expenses
26,180
Total Current Assets
$1,052,820
Liabilities
Current liabilities:
Trade Accounts payable
$103,689
Notes payable(primarily to banks) and commercial paper
210,381
Accured expenses and other liabilities
120,602
Income taxes payable
3,120
Current maturities of long-term debt
22,050
Total current liabilities
$459,842
King Corporation Partical Income Statement For Year Ended December 31, 2007
Net Sales
$3,050,600
Miscellaneous income
45,060
$3,095,660
Cost and expenses:
Cost of Sales
$2,185,100
Selling, general, and administrative expenses
350,265
Interest expense
45,600
Income Taxes
300,000
$2,880,965
Net Income
$214,695
Compute the following:
a. Working capital
b. Current ratio
c. Acid-test ratio
d. Cash ratio
e. Days' sales in receivables
f. Accounts receivable turnover in days
g. Days' sales in inventory
h. Inventory turnover in days
i. Operating cycle
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