Accumulated depreciation— buildings( 15,000)( 10,000)
Total $ 110,500 $ 120,100
Accounts payable |
$ 12,370 |
$ |
31,100 |
|
|
Common stock 75,000 69,000
Retained earnings 23,130 20,000
Total $ 110,500 $ 120,100
Wiemers ' s 2017 income statement included net sales of $ 100,000, cost of goods sold of $ 60,000, and net income of $ 15,000.
Instructions
Compute the following ratios for 2017. a. Current ratio. b. Acid-test ratio. c. Accounts receivable turnover. d. Inventory turnover. e. Profit margin. f. Asset turnover.