Selected financial statement data for Morton Company are presented below.
During 2011, net sales were $900,000, and cost of goods sold was $705,000.
Instructions
Compute the following ratios at December 31, 2011:
(a) Current.
(b) Acid-test.
(c) Receivables turnover.
(d) Inventory turnover.

Question

Selected financial statement data for Morton Company are presented below.  
During 2011, net sales were $900,000, and cost of goods sold was $705,000.
Instructions
Compute the following ratios at December 31, 2011:
(a) Current.
(b) Acid-test.
(c) Receivables turnover.
(d) Inventory turnover.

Quizplus · Accepted Answer

The Answer of Selected financial statement data for Morton Company are presented below.  
During 2011, net sales were $900,000, and cost of goods sold was $705,000.
Instructions
Compute the following ratios at December 31, 2011:
(a) Current.
(b) Acid-test.
(c) Receivables turnover.
(d) Inventory turnover.

Selected Financial Statement Data for Morton Company Are Presented Below