New lab re https://edugen.wileyplus.com/edugen/student/mainfr.uni D Grades and A
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Question
New lab re https://edugen.wileyplus.com/edugen/student/mainfr.uni D Grades and Attenda o WileyPLUS-Home, @ Google DHoly S gnment Exercise 18-7 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 2017 2016 Cash $14,200 29,500 Accounts receivable (net) 69,400 60,000 60,000 49,700 197,000 180,500 $340,600 $319,700 $49,400 $59,900 Mortgage payable (696) 101,500 101,500 Common stock, $10 par 144,500 122,000 45,200 36,300 $340,600 $319,700 Inventory Plant assets (net) Accounts payable study Retained earnings Additional information for 2017: 1. Net income was $25,000. Sales on account were $405,500. Sales returns and allowances were $20,200. Cost of goods sold was $195,000 uger/shared/a nt/testiaglist.uni?id=asnmt206 50394 N 1 007 1 e here to searchExplanation / Answer
Ratio Computation at December 31,2017.
2017 Cash (A) $ 14200 Accounts Receivable (Net) (B) $ 69400 Inventory (C) $ 60000 Current Assets (D= A+B+C) $ 143600 Accounts Payable or Current Liablities (E) $ 49400 Sales Net (F) ( $ 405,500 Less $ 20,200) $ 385300 Cost Of Goods Sold (G) $ 195000 Current Ratio (H = D/E) 2.91 : 1 Acid - Test Ratio (I = (A+B)/E) 1.69 : 1 Accounts Receivable Turn Over ( J = F/B) 5.55 Times Inventory Turnover (K = G/C) 3.25 Times