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Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31     2017   2016 Cash   $ 3,400     $ 4,000   Accounts receivable (net)   21,700     23,400   Inventory   10,200     7,500   Land   20,100     25,600   Buildings   69,700     69,700   Accumulated depreciation—buildings   (15,500 )   (10,700 )     Total   $109,600     $119,500   Accounts payable   $ 12,000     $ 31,400   Common stock   75,600     69,200   Retained earnings   22,000     18,900       Total   $109,600     $119,500   Wiemers’s 2017 income statement included net sales of $107,000, cost of goods sold of $59,700, and net income of $15,100. Compute the following ratios for 2017. (Round Debt to assets ratio to 1 decimal place, e.g. 1.6, or 1.6% and all other answers to 2 decimal places, e.g. 1.64, or 1.64% .) (a)   Current ratio   enter your answer rounded to 2 decimal places :1 (b)   Acid-test ratio   enter your answer rounded to 2 decimal places :1 (c)   Accounts receivable turnover   enter your answer rounded to 2 decimal places times

Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31     2017   2016 Cash   $ 3,400     $ 4,000   Accounts receivable (net)   21,700     23,400   Inventory   10,200     7,500   Land   20,100     25,600   Buildings   69,700     69,700   Accumulated depreciation—buildings   (15,500 )   (10,700 )     Total   $109,600     $119,500   Accounts payable   $ 12,000     $ 31,400   Common stock   75,600     69,200   Retained earnings   22,000     18,900       Total   $109,600     $119,500   Wiemers’s 2017 income statement included net sales of $107,000, cost of goods sold of $59,700, and net income of $15,100. Compute the following ratios for 2017. (Round Debt to assets ratio to 1 decimal place, e.g. 1.6, or 1.6% and all other answers to 2 decimal places, e.g. 1.64, or 1.64% .) (a)   Current ratio   enter your answer rounded to 2 decimal places :1 (b)   Acid-test ratio   enter your answer rounded to 2 decimal places :1 (c)   Accounts receivable turnover   enter your answer rounded to 2 decimal places times

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wiemers Corporation’s comparative balance sheets are presented below.

WIEMERS CORPORATION
Balance Sheets
December 31
   
2017
  
2016
Cash
   $ 3,400     $ 4,000  
Accounts receivable (net)
   21,700     23,400  
Inventory
   10,200     7,500  
Land
   20,100     25,600  
Buildings
   69,700     69,700  
Accumulated depreciation—buildings
   (15,500 )   (10,700 )
    Total
   $109,600     $119,500  
Accounts payable
   $ 12,000     $ 31,400  
Common stock
   75,600     69,200  
Retained earnings
   22,000     18,900  
    Total
   $109,600     $119,500  


Wiemers’s 2017 income statement included net sales of $107,000, cost of goods sold of $59,700, and net income of $15,100.

Compute the following ratios for 2017. (Round Debt to assets ratio to 1 decimal place, e.g. 1.6, or 1.6% and all other answers to 2 decimal places, e.g. 1.64, or 1.64% .)

(a)  
Current ratio
   enter your answer rounded to 2 decimal places :1
(b)  
Acid-test ratio
   enter your answer rounded to 2 decimal places :1
(c)  
Accounts receivable turnover
   enter your answer rounded to 2 decimal places times
(d)  
Inventory turnover
   enter your answer rounded to 2 decimal places times
(e)  
Profit margin
   enter your answer rounded to 2 decimal places %
(f)  
Asset turnover
   enter your answer rounded to 2 decimal places times
(g)  
Return on assets
   enter your answer rounded to 2 decimal places %
(h)  
Return on common stockholders’ equity
   enter your answer rounded to 2 decimal places %
(i)  
Debt to assets ratio
   enter your answer rounded to 1 decimal place %
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