Accounting Connection- Partial comparative balance sheet and income state- ment information for Posad Company follows.
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2014
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2013
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Cash
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$ 13,600
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$ 10,400
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Marketable securities
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7,200
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17,200
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|
Accounts receivable (net)
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44,800
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35,600
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|
Inventory
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54,400
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49,600
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Total current assets
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$120,000
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$112,800
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Accounts payable
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$ 40,000
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$ 28,200
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Net sales
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$322,560
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$220,720
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Cost of goods sold
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217,600
|
203,360
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Gross margin
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$104,960
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$ 17,360
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In 2012, the year-end balances for Accounts Receivable and Inventory were $32,400 and $51,200, respectively. Accounts Payable was $30,600 in 2012 and is the only current liability. Compute the current ratio, quick ratio, receivables turnover, days' sales uncollected, inventory turnover, days' inventory on hand, payables turnover, days' payable for each year, and financing period. (Round to one decimal place.) Comment on the change in the company's liquidity position, including its operating cycle and required days of financing from 2013 to 2014.