Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 14-11 Wiemers Corporation's comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 Cash $ 4,600 Accounts receivable (net) 20,700 Inventory

image text in transcribed

image text in transcribed

Exercise 14-11 Wiemers Corporation's comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 Cash $ 4,600 Accounts receivable (net) 20,700 Inventory 10,100 Land 20,000 Buildings 69,500 Accumulated depreciation-buildings (15,400) Total $109,500 Accounts payable $ 12,500 Common stock 75,800 Retained earnings 21,200 Total $109,500 2016 $ 4,200 23,800 7,300 26,000 69,500 (11,000) $119,800 $ 31,300 68,800 19,700 $119,800 Wiemers's 2017 income statement included net sales of $108,000, cost of goods sold of $61,000, and net income of $14,100. Compute the following ratios for 2017. (Round Debt to assets ratio to 1 decimal place, e.g. 1.6, or 1.6% and all other answers to 2 decimal places, e.g. 1.65, or 1.65%.) (a) Current ratio (b) Acid-test ratio 1 (c) Accounts receivable turnover times (d) Inventory turnover times (e) Profit margin 0% (f) Asset turnover times (9) Return on assets (h) Return on common stockholders' equity (i) Debt to assets ratio

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Operational Review Maximum Results At Efficient Costs

Authors: Rob Reider

3rd Edition

0471228109, 978-0471228103

More Books

Students also viewed these Accounting questions

Question

1. Discuss the four components of language.

Answered: 1 week ago

Question

f. What stereotypes were reinforced in the commercials?

Answered: 1 week ago