WIEMERS CORPORATION Balance Sheets December 31 |
|
|
2014 |
|
2013 |
| Cash |
|
$ 4,300 |
|
|
$ 3,700 |
|
| Accounts receivable (net) |
|
21,200 |
|
|
23,400 |
|
| Inventory |
|
10,000 |
|
|
7,000 |
|
| Land |
|
20,000 |
|
|
26,000 |
|
| Buildings |
|
70,000 |
|
|
70,000 |
|
| Accumulated depreciation-buildings |
|
(15,000 |
) |
|
(10,000 |
) |
| Total |
|
$110,500 |
|
|
$120,100 |
|
| Accounts payable |
|
$ 12,370 |
|
|
$ 31,100 |
|
| Common stock |
|
75,000 |
|
|
69,000 |
|
| Retained earnings |
|
23,130 |
|
|
20,000 |
|
| Total |
|
$110,500 |
|
|
$120,100 |
|
Wiemers's 2014 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.
Compute the following ratios for 2014. (Round answers to 2 decimal places, e.g. 1.64, or 1.64% .)