Essay
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: 
Sales on account during the year totaled $1,200 thousand. Cost of goods sold was $800 thousand.
Required:
Compute the following for Year 2:
a. Working capital.
b. Current ratio.
c. Acid-test ratio.
d. Accounts receivable turnover.
e. Average collection period.
f. Inventory turnover.
g. Average sale period.
Correct Answer:
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a. Working capital = Current assets - Cu...View Answer
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Correct Answer:
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