Homework Help: college Accouting

Posted by Tonya on Tuesday, October 6, 2009 at 10:50am.

Bennis Company has the following comparative balance sheet data.
BENNIS COMPANY
Balance Sheets
December 31

2011 2010
Cash $ 15,000 $ 30,000
Receivables (net) 70,000 60,000
Inventories 60,000 50,000
Plant assets (net) 200,000
180,000

$345,000
$320,000

Accounts payable $50,000 $60,000
Mortgage payable (15%) 100,000 100,000
Common stock, $10 par 140,000 120,000
Retained earnings 55,000
40,000

$345,000
$320,000

Additional information for 2011:

Net income was $25,000.

Sales on account were $410,000. Sales returns and allowances were $20,000.

Cost of goods sold was $198,000.

The allowance for doubtful accounts was $2,500 on December 31, 2011, and $2,000 on December 31, 2010.

Compute the following ratios at December 31, 2011. (a) Current. (b) Acid-test. (c) Receivables turnover. (d) Inventory turnover. (Round answers to 1 decimal place, e.g. 10.5.)

(a) Current ratio
(b) Acid-test ratio
(c) Receivables turnover
(d) Inventory turnover

college Accouting - Writeacher, Tuesday, October 6, 2009 at 11:04am
Tonya or Chris or whoever,

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