ACC 560 MART Learn by Doing/acc560mart.com ACC 560 MART Learn by Doing/acc560mart.com | Page 67

$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
Wiemers Corporation's comparative balance sheets are presented on
the next page.
WIEMERS CORPORATION
Balance Sheets