Wiemers Corporation’s comparative balance sheets are presented below.
WIEMERS CORPORATION
Balance Sheets
December 31
2017 2016
Cash $ 4,500 $ 3,200
Accounts receivable (net) 20,800 23,300
Inventory 10,100 7,200
Land 19,500 26,400
Buildings 70,000 70,000
Accumulated depreciation—buildings (14,600 ) (10,600 )
Total $110,300 $119,500
Accounts payable $ 12,700 $ 31,100
Common stock 74,900 68,600
Retained earnings 22,700 19,800
Total $110,300 $119,500
Wiemers’s 2017 income statement included net sales of $110,000, cost of goods sold of $60,800, and net income of $15,000.
Required:
1. Compute the following ratios for 2017.
a. Current ratio. b. Acid-test ratio. c. Accounts receivable turnover. d. Inventory turnover. e. Profit margin

a. Current ratio =  2.79

b. Acid-test ratio = 1.99

c. Accounts receivable turnover = 2.92  times

d. Inventory turnover = 6.02 times

e. Profit margin =  13.64%

Explanation:

2017 Ratios

a. Current ratio = Current Assets / Current Liabilities

                         = ($ 4,500 + $20,800 + $10,100) / $ 12,700

                         = 2.79

b. Acid-test ratio = Current Assets - Inventory / Current Liabilities

                            = ($ 4,500 + $20,800) / $ 12,700

                            = 1.99

c. Accounts receivable turnover = Cost of Sales / Accounts receivable

                                                      = $60,800 / 20,800

                                                      = 2.92  times

d. Inventory turnover = Cost of Sales / Inventory

                                   = $60,800 / 10,100

                                   = 6.02 times

e. Profit margin = Net Profit / Sales

                          = $15,000 / $110,000×100

                          = 13.64%

if i need to borrow money for anything, it would be for something like a house or an apartment but, that depend on the situation.

is this good enough?