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E14-7 Willingham Company has the following comparative balance sheet data. Willingham Company… 1 answer below » E14-7 Willingham Company has the following comparative balance sheet data. Willingham Company Balance Sheets December 31 View complete question » 2014 2013 Cash $ 10,000 $ 30,000 Receivables (net) 70,000 50,000 Inventory 60,000 50,000 Plant assets (net) 205,000 190,000 $345,000 $320,000 Accounts payable $ E14-7 Willingham Company has the following comparative balance sheet data. Willingham Company Balance Sheets December 31 2014 2013 Cash $ 10,000 $ 30,000 Receivables (net) 70,000 50,000 Inventory 60,000 50,000 Plant assets (net) 205,000 190,000 $345,000 $320,000 Accounts payable $ 50,000 $ 60,000 Mortgage payable (15%) 100,000 100,000 Common stock, $10 par 140,000 120,000 Retained earnings 55,000 40,000 $345,000 $320,000 Additional information for 2014: 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 $187,000. Instructions Compute the following ratios at December 31, 2014. (a) Current. (c) Receivables turnover. (b) Acid-test. (d) Inventory turnover. View less » Nov 30 2015 04:55 PM
