(Solution) - Use the Gagnon 2010 income statement below and balance sheet -(2025 Original AI-Free Solution)

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Use the Gagnon 2010 income statement below and balance sheet from Short Exercise to compute the following:

Company Acid-Test Ratio
Horner, Inc. (Utility).............................................. 0.73
Isaacson Company (Department store)................... 0.68
Jona Companies Limited (Grocery store)............... 0.72

a. Gagnon?s rate of inventory turnover for 2010.
b. Days sales in average receivables during 2010. (Round dollar amounts to one decimal place.) Do these measures look strong or weak? Give the reason for youranswer.