Bennis Company has the following comparative statements of financial position data.

Additional information for 2012:
1. Net income was $25,000.
2. Sales on account were $410,000. Sales returns and allowances were $20,000.
3. Cost of goods sold was $198,000.
4. The allowance for doubtful accounts was $2,500 on December 31, 2012, and $2,000 on December 31, 2011.

Instructions
Compute the following ratios at December 31, 2012.
(a) Current.
(b) Acid-test.
(c) Receivables turnover.
(d) Inventoryturnover.

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BENNIS COMPANY Statements of Financial Position December 31 2012 2011 Plant assets (net) Inventories Receivables (net) Cash $200,000 $180,000 50,000 60.000 30,000 $345,000 320,000 60.000 70,000 15,000 Share capital ordinary. $10 par $140,000 $120.000 40,000 100,000 60,000 $345,000 320,000 Rctained carnings Mortgage payable ( 1 596) Accounts payable 55,000 100,000 50,000