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Reynolds Corporation's comparative balance sheets are presented below. Reynolds CORPORATION Balance Sheets December 31 2018 2017...

Reynolds Corporation's comparative balance sheets are presented below.

Reynolds CORPORATION

Balance Sheets

December 31

2018

2017

Cash

$ 10,000

$ 9,000

Accounts receivable

35,000

30,000

Inventory

25,500

20,000

Land

15,000

15,000

Building

90,000

90,000

Accumulated depreciation

(27,000)

(25,000)

     Total

$148,500

$139,000

Accounts payable

$ 50,000

$ 45,000

Common stock

65,000

60,000

Retained earnings

33,500

34,000

     Total

$148,500

$139,000

Reynolds' 2018 income statement included net credit sales of $200,000, cost of goods sold of $120,000, and net income of $30,000.

Instructions:
Compute the following ratios for 2018. (a) Current ratio. (b) Acid-test ratio. (c) Receivables turnover. (d) Profit margin. (e)Return on assets. (Round ratios to 2 decimal places and percentages to 1 decimal place.)

Solutions

Expert Solution

ekkarill92 answered 2 months ago
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