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Question - Frizell Company has the following comparative balance sheet data.
FRIZELL Company Balance Sheets December 31
2017
2016
Cash
$15,800
$30,300
Accounts receivable (net)
70,600
59,400
Inventory
61,000
50,300
Plant assets (net)
201,500
180,500
$348,900
$320,500
Accounts payable
$50,300
$59,900
Mortgage payable (6%)
107,000
Common stock, $10 par
138,000
124,500
Retained earnings
53,600
29,100
Additional information for 2017:
1. Net Income was $24,500.
2. Sales on account were $410,500. Sales returns and allowances were $19,200.
3. Cost of goods sold was $197,700.
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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