calculate the following liquidity ratios for 2016.

Acid-Test ratio?

Accounts Receivable Turnover?

Blossom Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Blossom Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash $352,000 $417.400 Accounts recelvable, net 1,000,000 776,400 Inventory 717,000 681,000 Other current assets 381,300 247,000 Total current assets 2.450,300 2,121,800 Property, plant, & equipment, net 8,766,170 8,440,100 Total assets $11,216,470 $10,561.900 Liabilities and Stockholders' Equity Current liabilities $3,155,000 $2,846,000 Long-term debt 3,702.600 3,892,600 Total liabilities 6,857,600 6,738,600 Preferred stock. $5 par value 58.900 58,900 104,600 Common stock, $0.25 par value 103,800 4,195,370 3,660,600 Retained earnings RELORTU EM 173,7 3.Dovov Total stockholders' equity 4,358,870 3,823,300 Total liabilities and stockholders' equity $11,216,470 $10,561.900 Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 $10,177,200 $9,613.900 Sales revenue (all on account) Cost of goods sold Gross profit 5,611,600 5,298,700 4,565,600 4,315.200 Operating expenses 2,840,200 2,634,100 Net operating Income 1,725,400 1,681,100 Interest expense 300,300 308,600 Net income before taxes 1,425,100 1,372,500 Income taxes (30%) 427,530 411.750 Net Income $997,570 $960.750 Dividends pald Preferred dividends 29.450 29.450 Common dividends 433,350 413,000 Total dividends pald 462,800 442,450 Net Income retained 534,770 518,300 3,660,600 3.142.300 Retained earnings, besinning of year Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 $10,177,200 $9,613,900 5,611,600 5,298,700 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income 4,565,600 4,315,200 2,840,200 2,634,100 1,725.400 1,681,100 Interest expense 300,300 308,600 Net income before taxes 1,425,100 1,372,500 Income taxes (30%) 427,530 411,750 Net Income $997,570 $960,750 Dividends paid Preferred dividends 29,450 29,45 Common dividends 433,350 413.00 Total dividends paid 462,800 442,45 Net income retained 534,770 51836 Retained earnings, beginning of year 3,660,600 3,143 Retained earnings, end of year $4,195,370 $3,6 Ch 12 X ch12 x Doux Avo X courses/49573/assignments/5602643?module item_id=17108915 Cites x Gdex gross x (a-d) Your answer is partially correct. Calculate the following liquidity ratios for 2016. (If working capital is negative then enter with a negative sign preceding the number or parentheses, es -15,000 or (15,000). Round all answers except working capital to 2 decimal places, es 2.55) Working capital $ -704700 a b. Current ratio 0.78 Acid-test ratio 0.54 C. 4.04 d. Accounts receivable turnover times e Textbook and Media Attempts: 7 of 12 used Submit Answer Save for Later (e-F) The parts of this question must be completed in order. This part will be available when you complete the part above. The parts of this question must be completed in order. This part will be available when you complete the part above