ACCOUNTING-Dane Corporation had the following comparative current assets

QUESTION

Dane Corporation had the following comparative current assets and current liabilities: (10 points) Dec. 31, 2014 Dec. 31, 2013 ————– ————- Current assets Cash $ 60,000 $ 40,000 Marketable securities 50,000 10,000 Accounts receivable 70,000 100,000 Inventory 100,000 90,000 Prepaid expenses 30,000 20,000 ————- ———— Total current assets $310,000 $260,000 Current liabilities Accounts payable $140,000 $100,000 Salaries payable 50,000 30,000 Income tax payable 20,000 10,000 ————- ———— Total current liabilities $210,000 $140,000 During 2014, credit sales and cost of goods sold were $800,000 and $400,000, respectively. INSTRUCTIONS Compute the following liquidity measures for 2014 (round to 2 decimal places) SHOW ALL CALCULATIONS: 1. Current ratio.2. Working capital. 3. Acid-test ratio. 4. Receivables turnover.5. Inventory turnover.

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