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Willingham Company has the following comparative balance sheet data. Additional information for 2014: 1. Net income was $24, 040 2. Sales on account were $409,
Willingham Company has the following comparative balance sheet data. Additional information for 2014: 1. Net income was $24, 040 2. Sales on account were $409, 610. Sales returns and allowances were $20, 160. 3. Cost of goods sold was $184, 390. Compute the following ratios at December 31, 2014. (Round all answers to 1 decimal place, e.g. 1.6.) Current ratio _____:1 Acid-test ratio _______:1 Accounts receivable turnover ______ times Inventory turnover _______ times
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