ARMADA COMPANY Balance Sheets December 31, 2017 Cash $ 40.000 Accounts receivable (net) 65,000 Inventories 60.000 Plant assets (net) 185.000 $350,000 Accounts payable $50.000 Mortgage payable (15%, due in 15 years) 100,000 Common stock, $10 par 140.000 Retained earnings 60,000 $350.000 2016 $ 30,000 60,000 50.000 180,000 $320,000 $ 60.000 100.000 120,000 40.000 $320.000 Additional information for 2017: Additional information for 2017: 1. 2. 3. Net income was $25,000. Sales on account were $450,000. Sales returns and allowances amounted to $25,000. Cost of goods sold was $275,000. Net cash provided by operating activities was $49,000. Capital expenditures were $23,000, and cash dividends were $18,000. 4. 5. Compute the following ratios at December 31, 2017. (Round all answers to 2 decimal places, eg. 1.83) (a) Current ratio (6) Accounts receivable turnover times (c) Average collection period days (d) Inventory turnover times Days in inventory days () Cash debt coverage times (a) Current ratio (b) times Accounts receivable turnover days (c) times (d) Average collection period Inventory turnover Days in inventory days (e) times (1) Cash debt coverage times 19 Current cash debt coverage th Free cash flow Attempts: 0 of I used