ACC 280E15-7 Bennis Company has the following comparative balance sheet data. XA

ACC 280E15-7 Bennis Company has the following comparative balance sheet data. XACC 280E15-7 Bennis Company has the following comparative balance sheet Principles of Accounting: Weygandt J. J. Kimmel P. D. & Kieso D. E. (2008). Financial Accounting (6th ed.). Hoboken NJ: Wiley.Axia College of University of Phoenix (UoP)Homework tutorial E15-7 Bennis CompanyHomework Help in ACC 280E15-7 Bennis CompanyHomework solution of XACC 280E15-7 Bennis CompanyXACC 280ACC 280E15-7 Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 2009 2008 Cash $ 15000 $ 30000 Receivables (net) 70000 60000 Inventories 60000 50000 Plant assets (net) 200000 180000 $345000 $320000 Accounts payable $50000 $60000 Mortgage payable (15%) 100000 100000 Common stock $10 par 140000 120000 Retained earnings 55000 40000 $345000 $320000 Additional information for 2009: 1. Net income was $25000. 2. Sales on account were $410000. Sales returns and allowances were $20000. 3. Cost of goods sold was $198000. Instructions Compute the following ratios at December 31 2009. (a) Current. (b) Acid-test. (c) Receivables turnover. (d) Inventory turnover