gut the month and after each transaction. E15.7 (LO 2) Willingham Ltd. has the following comparative...

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gut the month and after each transaction. E15.7 (LO 2) Willingham Ltd. has the following comparative statements of financial position data. Willingham Ltd. Statements of Financial Position December 31 Compute selected ratios. 2020 2019 Plant assets (net) Inventory Accounts receivable (net) Cash 205,000 190,000 60,000 50,000 70,000 50,000 10,000 30,000 345,000 320,000 Share capital-ordinary, 10 par 140,000 120,000 Retained earnings 55.000 40,000 Mortgage payable (6%) 100,000 100,000 Accounts payable 50,000 60,000 345,000 320,000 Additional information for 2020: 1. Net income was 28,000. 2. Sales on account were 418,000. Sales returns and allowances were 22,000. 3. Cost of goods sold was 190,000. Instructions Compute the following ratios at December 31, 2020. a. Current ratio. b. Acid-test ratio. c. Accounts receivable turnover. d. Inventory turnover. gut the month and after each transaction. E15.7 (LO 2) Willingham Ltd. has the following comparative statements of financial position data. Willingham Ltd. Statements of Financial Position December 31 Compute selected ratios. 2020 2019 Plant assets (net) Inventory Accounts receivable (net) Cash 205,000 190,000 60,000 50,000 70,000 50,000 10,000 30,000 345,000 320,000 Share capital-ordinary, 10 par 140,000 120,000 Retained earnings 55.000 40,000 Mortgage payable (6%) 100,000 100,000 Accounts payable 50,000 60,000 345,000 320,000 Additional information for 2020: 1. Net income was 28,000. 2. Sales on account were 418,000. Sales returns and allowances were 22,000. 3. Cost of goods sold was 190,000. Instructions Compute the following ratios at December 31, 2020. a. Current ratio. b. Acid-test ratio. c. Accounts receivable turnover. d. Inventory turnover.