Willingham Company has the following comparative balance sheet data.

Additional information for 2014:
1. Net income was $25,000.
2. Sales on account were $410,000. Sales returns and allowances were $20,000.
3. Cost of goods sold was $187,000.
Instructions
Compute the following ratios at December 31, 2014.
(a) Current.
(b) Acid-test.
(c) Receivables turnover.
(d) Inventoryturnover.

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Willingham Company Balance Sheets December 31 2014 2013 Receivables (net) Inventory Plant assets (net) 10,000 30,000 50,000 50,000 190,000 $345,000 $320,000 60,000 Accounts payable Mortgage payable ( 1596) Common stock, $10 par Retained earnings 50,000 $ 60,000 100,000 120,000 40,000 $345,000 $320,000 100,000 140,000