Correct nswers

Exercise 14-7 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 2017 2016 Cash 15,100 29,500 Accounts receivable (net) 70,900 60,000 60,90050,100 197,000 175,000 343,900 $314,600 $49,100 $59,200 Mortgage payable (696) 108,000 108,000 Common stock, $10 par 138,500 124,500 48,30022,900 $343,900 $314,600 Inventory Plant assets (net) Accounts payable Retained earnings Additional information for 2017 1. Net income was $25,700. 2. Sales on account were $410,500. Sales returns and allowances were $19,500. 3. Cost of goods sold was $197,400. Compute the following ratios at December 31, 2017. (Round answers to 1 decimal place, e.g. 1.6.)