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1. Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. All sales are credit sales. The Accounts Recelvable balance on January 1 , 20, was $21,140. Assume 365 days per year. If required, round your answers to two decimal places. For return on owner's equity, enter as a percent but do not include percent sign. Round average number of days answers to one decimal place. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owner's equity 5. Accounts receivable turnover and average number of days required to collect receivables 5. Inventory turnover and average number of davs reauired th call inventnnd Chapter 015 Homework Part 1 Applicati Gross profit Operating expenses: Wages expense Advertising expense Supplies expense Phone expense Utilities expense Insurance expense Depreciation expense-bulding Depreciation expenise-equipment Misceliancous expense Fotal operating expenses Income from operations Other revenues: Interest revenue $1,994 Other expenses: Interest expense Net income Jackson Enterprises Statement of Owner's Equity For Year Ended December 31, 20 .. \begin{tabular}{|lrr|} \hline 3. B. Gray, capitai, January 1, 20 & $85,045 \\ Net income for the year. & $29,130 \\ Less withdrawals for the year & 11,190 \\ Increase in capital & 17,940 \\ 3. B. Gray, capital, December 31, 20 & 102,985 \\ \hline \end{tabular} Jackson Enterprises Balance Sheet December 31,20 .- Assets Jackson Enterprises Balance sheet December 31,20= Assets Current assets: \begin{tabular}{lc} Cash & \\ Accounts receivable & $20,736 \\ Merchandise inventory & 18,812 \\ Supplies & 28,303 \\ Prepaid insurance & 1,394 \\ Total current assets & 900 \\ \hline Property, plant, and equpment: \end{tabular} Property, plant, and equipment: Current liabilities: 1. Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1 , 20, was $21,140. Assume 365 days per year. If required, round your answers to two decimal places. For return on owner's equity, enter as a percent but do not include percent sign. Round average number of days answers to one decimal place

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