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Question -
Frizell Company has the following comparative balance sheet data.
FRIZELL COMPANY Balance Sheets December 31
2017
2016
Cash
$ 14,200
$ 29,500
Accounts receivable (net)
69,400
60,000
Inventory
49,700
Plant assets (net)
197,000
180,500
$340,600
$319,700
Accounts payable
$49,400
$59,900
Mortgage payable (6%)
101,500
Common stock, $10 par
144,500
122,000
Retained earnings
45,200
36,300
Additional information for 2017:
1. Net income was $25,000.
2. Sales on account were $405,500. Sales returns and allowances were $20,200.
3. Cost of goods sold was $195,000.
Compute the following ratios at December 31, 2017.
(a) Current ratio
(b) Acid-test ratio
(c) Accounts receivable turnover
(d) Inventory turnover
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