Reference no: EM131804842

Question - Bennis Company has the following comparative balance sheet data.

BENNIS COMPANY Balance Sheets December 31
	2012	2011
Cash	$ 15,470	$ 30,340
Receivables (net)	70,090	60,100
Inventories	60,480	49,970
Plant assets (net)	199,900	180,000
	$345,940	$320,410
Accounts payable	$50,070	$51,020
Mortgage payable (15%)	100,100	100,100
Common stock, $10 par	139,700	119,500
Retained earnings	56,070	49,790
	$345,940	$320,410

Additional information for 2012:

1. Net income was $24,980.

2. Sales on account were $409,200. Sales returns and allowances were $19,000.

3. Cost of goods sold was $198,900.

4. The allowance for doubtful accounts was $2,600 on December 31, 2012, and $2,280 on December 31, 2011.

Compute the following ratios at December 31, 2012. (a) Current. (b) Acid-test. (c) Receivables turnover. (d) Inventory turnover.