How to calculate each of the required calculations: Blue Sea Corporation’s books revealed the following for 2014 and 2015:

How to calculate each of the required calculations:

Blue Sea Corporation’s books revealed the following for 2014 and 2015:         

                                                 2015, Dec 31          2014, Dec 31

Cash                                            $27,750                   $21,250

Accounts receivable                  42,000                     37,500

Inventory                                     72,250                        61,600

Other prepaid assets                   12,500                      12,500

Accounts payable                       41,250                       38,000

Other current payables              13,000                      15,000

Shareholders’ equity                    100,250                   79,850

Sales                                               525,000                450,750

Cost of sales                                  300,000                 240,750

Operating expenses                      70,000                   65,000

Net income                                     155,000                   145,000

Required: 

a. Calculate the number of days to collect the average receivable in 2015 

b. Calculate the number of days inventory was held in 2015 

c. Calculate the average number of days to pay an account during 2015 

d. Calculate the current ratio for the 2015 year-end 

e. Calculate the quick ratio for the 2015 year-end 

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