The following financial data were taken from the annual financial statements of the Smith Corporation:
| 1999 Don't use plagiarized sources. Get Your Custom Essay on the following financial data were taken from the annual financial statements of the 544353 For $10/Page 0nly | 2000 | 2001 | |
| Current assets | $450,000 | $400,000 | $ 500,000 |
| Current liabilities | 390,000 | 300,000 | 340,000 |
| Sales | 1,450,000 | 1,500,000 | 1,400,000 |
| Cost of goods sold | 1,180,000 | 1,020,000 | 1,120,000 |
| Inventory | 280,000 | 200,000 | 250,000 |
| Accounts receivable | 120,000 | 110,000 | 105,000 |
Required a. Based on these data, calculate the following for 2000 and 2001:
1. Working capital
2. Current ratio
3. Acid-test ratio
4. Accounts receivable turnover
5. Merchandise inventory turnover
6. Inventory turnover in days
b. Evaluate the results of your computations in regard to the short-term liquidity of the firm.
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