Frizell Company has the following comparative balance sheet data.
FRIZELL COMPANY
Balance Sheets
December 31
2017
2016
$ 14,200
$ 29,500 Cash
Accounts
receivable (net)
Inventory
Plant assets (net) Accounts payable
Mortgage payable
(6%)
Common stock,
$10 par
Retained earnings 69,400 60,000 60,000
197,000
$340,60
0 49,700
180,500
$319,70
0 $49,400 $59,900 101,500 101,500 144,500 122,000 45,200
$340,60
0 36,300
$319,70
0 Additional information for 2017:
1
.
2
.
3
. Net income was $25,000.
Sales on account were $405,500. Sales returns and allowances were $20,200.
Cost of goods sold was $195,000. Compute the following ratios at December 31, 2017. (Round answers to 1 decimal place, e.g.
1.6 .)
(a) Current ratio :1 (b
Acid-test ratio
) :1 (c) Accounts receivable turnover times (d
Inventory turnover
) times
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Answers
Status NEW
Posted 09 May 2017 07:05 AM
My Price 10.00
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