Business, 03.06.2020 04:58 payshencec21

Wiemers Corporation’s comparative balance sheets are presented below.
WIEMERS CORPORATION
Balance Sheets
December 31
2017 2016
Cash $ 4,500 $ 3,200
Accounts receivable (net) 20,800 23,300
Inventory 10,100 7,200
Land 19,500 26,400
Buildings 70,000 70,000
Accumulated depreciation—buildings (14,600 ) (10,600 )
Total $110,300 $119,500
Accounts payable $ 12,700 $ 31,100
Common stock 74,900 68,600
Retained earnings 22,700 19,800
Total $110,300 $119,500
Wiemers’s 2017 income statement included net sales of $110,000, cost of goods sold of $60,800, and net income of $15,000.
Required:
1. Compute the following ratios for 2017.
a. Current ratio. b. Acid-test ratio. c. Accounts receivable turnover. d. Inventory turnover. e. Profit margin

Answers: 2

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Wiemers Corporation’s comparative balance sheets are presented below.
WIEMERS CORPORATION

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