Partial comparative balance sheet and income statement information for Allen Company is as follows:,In 20×7, the year-end balances for Accounts Receivable and Inventory were $32,400 and $51,200, respectively. Accounts Payable was $30,600 in 20×7 and is the only current liability. Compute the current ratio, quick ratio, receivable turnover, days’ sales uncollected, inventory turnover, days’ inventory on hand, payables turnover, and days’ payable for each year. (Round computations to one decimal place.) Comment on the change in the company’s liquidity position, including its operating cycle and required days of financing from 20×8 to20x9.
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