Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 Cash Receivables (net) Inventories 2012 $ 15,470 70,090 60,480 2011 $ 30,340 60,100 49,970 Plant assets (net) 199,900 180,000 $345,940 $320,410 $50,070 100,100 139,700 $51,020 100,100 119,500 56,070 49,790 $345,940 $320,410 Accounts payable Mortgage payable (15%) Common stock, $10 par Retained earnings Additional information for 2012: 1. 2. 3. 4. Net income was $24,980. Sales on account were $409,200. Sales returns and allowances were $19,000. Cost of goods sold was $198,900. The allowance for doubtful accounts was $2,600 on December 31, 2012, and $2,280 on December 31, 2011. Compute the following ratios at December 31, 2012. (a) Current. (b) Acidtest. (c) Receivables turnover. (d) Inventory turnover. (Round answers to 1 decimal place, e.g. 10.5.) (a) Current ratio (b) Acidtest ratio : 1 : 1 (c) Receivables turnover times (d) Inventory turnover times
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