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Willingham 2014

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Willingham Company has the following comparative balance sheet data.

Willingham Company
Balance Sheets
31-Dec
  2014 2013
Cash   10,000  30,000
Receivables (net)   70,000  50,000
Inventory   60,000  50,000
Plant assets (net)   205,000  190,000
   345,000  320,000
 
Accounts payable   50,000  60,000
Mortgage payable (15%)   100,000  100,000
Common stock, $10 par   140,000  120,000
Retained earnings   55,000  40,000
   345,000  320,000

Additional information for 2014:
1. Net income was $25,000.
2. Sales on account were $410,000. Sales returns and allowances were $20,000.
3. Cost of goods sold was $187,000.

Instructions
Compute the following ratios at December 31, 2014.

(a) Current.  (c) Receivables turnover.
(b) Acid-test.  (d) Inventory turnover.

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