Financial & Managerial Accting MBA-560-Problem 1. The following information appl

Financial & Managerial Accting MBA-560-Problem 1. The following information applies to Barnhart Company: Additional information:Required: 1) Compute Barnharts: a) Quick ratio b) Current ratio c) Working capital d) Accounts receivable turnover e) Average days to collect receivablesProblem 2. The Jiffy Manufacturing Company started operations in 2012 when it acquired $100000 from its owners. During the year the company incurred the following costs: The company placed 12000 units into production completed 10000 units and sold 8000 units. The average selling price was $17 per unit. Required: 1) Prepare a schedule of cost of goods manufactured and sold for the year ended December 31 2012. 2) Prepare an income statement for the year ended December 31 2012.