accounts receivable turnover in days 641744

A partial balance sheet and income statement for King Corporation follow:

KING CORPORATION Partial Balance Sheet December 31, 2009
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
Accrued 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 Partial Income Statement For Year Ended December 31, 2009
Net sales	$3,050,600
Miscellaneous income	45,060
	$3,095,660
Costs 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

Required 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