7. Anne Elizabeth Company's Financial Statements are given below: Balance Sheet Anne Elizabeth Company December 31, 2018 2018 2017 Assets: Current Assets: Cash $ 50,450 $ 28,538 Marketable Securities 25,000 20,500 Accounts Receivable, less allowance of $10,000 60,000 50,000 Inventory, LIFO 90,000 70,000 Prepaid 8,000 7,000 Total Current Assets 233,450 176,038 Property, Plant, and Equipment: Land 9,000 8,000 Buildings and Equipment 220,000 210,000 229,000 218,000 Less Accumulated Depreciation (68,000) (60,000) Total Assets $394,450 $334,038 Liabilities and Shareholders' Equity: Current Liabilities: Accounts Payable $ 35,000 $ 30,000 Accrued Compensation 8,000 7,000 Income Taxes 7,000 6,000 Total Current Liabilities 50,000 43,000 Long-Term Debt 40,000 11,038 Shareholders' Equity: Common Shares 60,000 60,000 Retained Earnings 244,450 220,000 304,450 280,000 Total Liabilities and Shareholders' Equity $394,450 $334,038 Income Statement Anne Elizabeth Company For the Year Ended December 31, 2018 2018 2017 2016 Net sales $718,500 $650,500 $640,000 Cost of goods sold 580,000 520,000 515,000 Gross profit 138,500 130,500 125,000 Operating expenses: Selling, general, and administrative $ 71,000 $ 67,000 $ 65,000 Interest 4,000 3,000 2,500 75,000 70,000 67,500 Earnings before income taxes 63,500 60,500 57,500 Income taxes 30,000 29,000 28,000 Net earnings $ 33,500 $ 31,500 $ 29,500 Required - Compute the following ratios for 2018: a. Accounts receivable turnover d. Current ratio b. Merchandise inventory turnover e. Acid-test ratio (conservative) c. Working capital f. Sales to working capital

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