Assignment:
Bennis Company has the following comparative balance sheet data.
BENNIS COMPANY
Balance Sheets
December 31
2012 // 2011
Cash $ 14,560 // $ 29,770
Receivables (net) 69,730 // 59,620
Inventories 60,250 // 50,480
Plant assets (net) 200,200 // 180,300
$344,740 // $320,170
Accounts payable $49,620 // $55,680
Mortgage payable (15%) 99,590 // 99,590
Common stock, $10 par 139,800 // 120,100
Retained earnings 55,730 // 44,800
$344,740 // $320,170
Additional information for 2012:
1.Net income was $25,300.
2.Sales on account were $409,700. Sales returns and allowances were $19,400.
3.Cost of goods sold was $197,100.
4.The allowance for doubtful accounts was $2,600 on December 31, 2012, and $2,040 on December 31, 2011.
Compute the following ratios at December 31, 2012. (a) Current. (b) Acid-test. (c) Receivables turnover. (d) Inventory turnover. (Round answers to 1 decimal place, e.g. 10.5.).