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Check my work Selected current year-end financial statements of Cabot Corporation follow. (All sales were...

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Accounting

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Check my work Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $55,900; total assets $189,400; common stock, $89,000; and retained earnings, $26,778.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 14,000 Accounts payable 9,000 Accrued wages payable 31,000 Income taxes payable 32,150 Long-term note payable, secured by mortgage on plant assets 2,950 Corrmon stock 152,300 Retained earnings $ 241,400 Total liabilities and equity $ 16,500 3,200 4,500 70,400 89,000 57,800 $ 241,400 CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 453,600 Cost of goods sold 298,350 Gross profit 155,250 Operating expenses 99,500 Interest expense 3,800 Income before taxes 51,950 Income tax expense 20,928 Net income $ 31,022 Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected (4) inventory turnover, (5) days' sales in inventory

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