Question

Frizell Company has the following comparative balance sheet data.


Additional information for 2015:
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 $198,000.

Instructions
Compute the following ratios at December 31, 2015.
(a) Current ratio.
(b) Acid-test ratio.
(c) Accounts receivable turnover.
(d) Inventoryturnover.


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  • CreatedJanuary 30, 2014
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