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Willingham Company has the following comparative balance sheet data.
Willingham Company Balance Sheets December 31
2014
2013
Cash
$ 10,000
$ 30,000
Receivables (net)
70,000
50,000
Inventory
60,000
Plant assets (net)
205,000
190,000
$345,000
$320,000
Accounts payable
$ 50,000
$ 60,000
Mortgage payable (15%)
100,000
Common stock, $10 par
140,000
120,000
Retained earnings
55,000
40,000
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) Inventory turnover.
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