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I wileyPLUS e Home I Chegg.com Welcome, Montana-Blackb0: × Montana c secure https://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MywileyPLUS I Hep I Contact Us 1 Loa Out WileyPLUS wyandt, Accounting Principles, 128 Principles of Accounting 12e (ACC 171/272) Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment> Open Assignment FULL SCREENPRINTER VERSION BACK 2017 2016 Chapter 18 Cash $15,200 S 29,300 Accoun recevable (net) 69,200 59,600 60,500 50,900 204,000 177,500 $348,900 $317,300 50,300 $60,500 Mortgage payable (696) 108,000 108,000 Common stock, $10 par 145,000 122,000 45,600 26,800 $348,900 $317,300 Exercise i8-5 Inventory Plant assets (net) Review Score Review Results Accounts payable Retained earnings Additional information for 2017: L. Net income was $25,000. 2. Sales on account were $411,500. Sales returns and allowances were s20,200. 3. Cost of goods sold was $197,400 Compute the following ratios at December 31, 2017. (Round answers to I decimal place, e.g. 1.6.) (a) Current ratio (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover times times Version 4.24.2.4

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Particulars Amt Cash 15200 Account Receivables 69200 Inventory 60500 Total Current Assets (A) 144900 Account Payables 50300 Tota Current Liabilities (B) 50300 Current Ratio (A/B) 2.9 : 1 Particulars Amt Cash 15200 Account Receivables 69200 Total Liquid Assets (A) 84400 Account Payables 50300 Tota Current Liabilities (B) 50300 Acid Test Ratio (A/B) 1.7 : 1 Particulars Amt Net Sales (411500- 20200) (A) 391300 Opening Receivables 59600 Closing Receivables 69200 Average Receivables (B) 64400 Receivable Turnover (A/B) 6.1 Times Particulars Amt Cost of Goods Sold (A) 197400 Opening Inventory 50900 Closing Inventory 60500 Average Receivables (B) 55700 Inventory Turnover (A/B) 3.5 Times

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