Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wiemers Corporations comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016 Cash $ 4,200 $ 3,200 Accounts receivable (net) 21,000

Wiemers Corporations comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016 Cash $ 4,200 $ 3,200 Accounts receivable (net) 21,000 23,200 Inventory 10,000 6,600 Land 19,700 26,100 Buildings 69,700 69,700 Accumulated depreciationbuildings (14,700 ) (10,300 ) Total $109,900 $118,500 Accounts payable $ 12,400 $ 31,600 Common stock 76,000 71,000 Retained earnings 21,500 15,900 Total $109,900 $118,500 Wiemerss 2017 income statement included net sales of $111,000, cost of goods sold of $60,400, and net income of $14,500. Compute the following ratios for 2017. (Round answers to 2 decimal places, e.g. 1.65, or 1.65% .) Current ratio :1 Acid-test ratio :1 Accounts receivable turnover times Inventory turnover times Profit margin % Asset turnover times Return on assets % Return on common stockholders equity % 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

Auditing Humor And Other Oxymorons

Authors: Mr Mike Jacka

1st Edition

0991280903, 978-0991280902

More Books

Students also viewed these Accounting questions