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E18-7 Frizell Company has the following comparative balance sheet data. Cash Accounts receivable (net) Inventory Plant assets (net) 2020 $15,000 70,000 60,000 200,000 $345,000 $ 50,000 100,000 140,000 55,000 $345,000 2019 $ 30,000 60,000 50,000 180,000 $320,000 $ 60,000 100,000 120.000 40,000 $320,000 Accounts payable Mortgage payable (6%) Common stock, $10 par Retained earnings Additional information for 2020: 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. Instructions Compute the following ratios at December 31, 2020. (a) Current ratio. (b) Accounts receivable turnover. (c) Average Collection Period (d) Inventory turnover (e) Days in Inventory (1) Profit Margin or Net Margin P18-3 Condensed balance sheet and income statement data for Landwehr Corporation DA below e.quizhpi@liv... Art and Society HUN19... Home - Dropbox Art and Society HUN19... Art and se P18-3 Condensed balance sheet and income statement data for Landwehr Corporation appear below. LANDWEHR CORPORATION Balance Sheets December 31 Cash Accounts receivable (net) Other current assets Investments Plant and equipment (net) Total Assets 2020 $ 25,000 50,000 90,000 75,000 400,000 $640,000 2019 $20,000 45,000 195,000 70,000 370,000 $600,000 Current liabilities Long-term debt Common stock, $10 par Retained earnings Total Liabilities and Shareholder's Equity $ 75,000 80,000 340,000 145,000 $ 80,000 85,000 310,000 125,000 $640,000 $600,000