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Exercise 18-11 Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31...

Exercise 18-11

Wiemers Corporation’s comparative balance sheets are presented below.

WIEMERS CORPORATION
Balance Sheets
December 31

2017

2016
Cash $ 4,600 $ 4,200
Accounts receivable (net) 20,700 23,800
Inventory 10,100 7,300
Land 20,000 26,000
Buildings 69,500 69,500
Accumulated depreciation—buildings (15,400 ) (11,000 )
    Total $109,500 $119,800
Accounts payable $ 12,500 $ 31,300
Common stock 75,800 68,800
Retained earnings 21,200 19,700
    Total $109,500 $119,800


Wiemers’s 2017 income statement included net sales of $108,000, cost of goods sold of $61,000, and net income of $14,100.

Compute the following ratios for 2017. (Round answers to 2 decimal places, e.g. 1.65, or 1.65% .)

Current ratio

?

 :1
Acid-test ratio

?

 :1
Accounts receivable turnover

?

 times
Inventory turnover

?

 times
Profit margin

?

 %
Asset turnover

?

 times
Return on assets

?

 %
Return on common stockholders’ equity

?

 %
Debt to assets ratio

?

 %

Solutions

Expert Solution

ekkarill92 answered 3 years ago
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