Selected financial statement data for Morton Company are presented below During 2009, net sales were $818,000, and cost of goods sold was $606,000 Instructions Compute the following ratios at December 31, 2009 (a) Current (b) Acid test (c) Receivables turnover (d) Inventory turnover December 31 2009 $ 24,200 24,200 95,800 December 31, 2008 $31,000 15,000 79,800 Cash Short term investments Receivables (net) Inventories Total current liabilities 80,700 103,000 60,300 86,000

Question: Selected financial statement data for Morton Company are presented below. During 2009, net sales were $818,000, and cost of goods sold was $606,000. Instructions Compute

Selected financial statement data for Morton Company are presented below.

December 31. 2009 $ 24,200 24,200 95,800 December 31, 2008 $31,000 15,000 79,800 Cash Short-term investments Receivables

During 2009, net sales were $818,000, and cost of goods sold was $606,000.

Instructions

Compute the following ratios at December 31, 2009:

(a) Current.

(b) Acid-test.

(d) Inventory turnover.

December 31. 2009 $ 24,200 24,200 95,800 December 31, 2008 $31,000 15,000 79,800 Cash Short-term investments Receivables (net) Inventories Total current liabilities 80,700 103,000 60,300 86,000

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