P 6-11 A partial balance sheet and income statement for King Corporation follow:

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P 6-11 A partial balance sheet and income statement for King Corporation follow: KING CORPORATION Partial Balance Sheet Assets December 31, 2011 Current assets: Cash $ 33,493 Marketable securities 215,147 Trade receivables, less allowance of $6,000 255,000 Inventories, LIFO 523,000 Prepaid expenses 26,180 Total current assets $1,052,820 Liabilities Current liabilities: Trade accounts payable $103,689 Notes payable (primarily to banks) and commercial paper 210,381 Accrued expenses and other liabilities 120,602 Income taxes payable 3,120 Current maturities of long-term debt 22,050 Total current liabilities $459,842 KING CORPORATION Partial Income Statement For Year Ended December 31, 2011 Net sales $3,050,600 Miscellaneous income 45,060 $3,095,660 Costs and expenses: Cost of sales $2,185,100 Selling, general, and administrative expenses 350,265 Interest expense 45,600 Income taxes 300,000 2,880,965 Net income $ 214,695 Note: The trade receivables at December 31, 2010, were $280,000, net of an allowance of $8,000, for a gross receivables figure of $288,000. The inventory at December 31, 2010, was $565,000. Compute the following: a. Working capital b. Current ratio c. Acid-test ratio d. Cash ratio e. Days

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