Willingham Company has the following comparative balance sheet data. Additional information for 2014: 1. Net income was
Question:
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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Related Book For
Managerial Accounting Tools for business decision making
ISBN: 978-1118096895
6th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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