Computation of selected ratios. The following data is given: December 31, 2016 2015 Cash $ 68,000 $ 50,000 Accounts receivable (net) 70,000 60,000 Inventories 90,000 130,000 Plant assets (net) 383,000 325,000 Accounts payable 60,000 40,000 Salaries and wages payable 10,000 5,000 Bonds payable 70,000 70,000 10% Preferred stock, $40 par 100,000 100,000 Common stock, $10 par 120,000 90,000 Paid-in capital 80,000 65,000 Retained earnings 170,000 175,000 Net credit sales 800,000 Cost of goods sold 600,000 Net income 80,000 Instructions Compute the following ratios: (a) Acid-test ratio at 12/31/16 (b) Receivables turnover in 2016 (c) Inventory turnover in 2016 (d) Profit margin on sales in 2016