Reynolds Corporation’s comparative balance sheets are presented below.Reynolds CORPORATIONBalance SheetsDecember 3120182017Cash$ 10,000$ 9,000Accounts receivable35,00030,000Inventory25,50020,000Land15,00015,000Building90,00090,000Accumulated depreciation(27,000)(25,000) Total$148,500$139,000Accounts payable$ 50,000$ 45,000Common stock65,00060,000Retained earnings33,50034,000 Total$148,500$139,000Reynolds’ 2018 income statement included net credit sales of $200,000, cost of goods sold of $120,000, and net income of $30,000.Instructions: Compute the following ratios for 2018. (a) Current ratio. (b) Acid-test ratio. (c) Receivables turnover. (d) Profit margin. (e)Return on assets. (Round ratios to 2 decimal places and percentages to 1 decimal place.)
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