ACC 560 help A Guide to career/uophelp.com ACC 560 help A Guide to career/uophelp.com | Page 71

$345,000
$320,000
Accounts payable
$ 60,000
$ 50,000
Mortgage payable (6%)
100,000
100,000
Common stock, $10 par
120,000
140,000
Retained earnings
40,000
55,000
$345,000
$320,000
Instructions
Compute the following ratios at December 31, 2017.
a. Current ratio.
b. Acid-test ratio.
c. Accounts receivable turnover.
d. Inventory turnover.
E14-11