Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Cullumber Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash $390,000 $417,500 Accounts receivable, net 1,038,000 776,450 Inventory 746,000 681,100 Other current assets 381,350 247,050 Total current assets 2,555,350 2.122.100 Property, plant, & equipment, net 8,702.200 8,439,880 Total assets $11,257,550 $10,561,980 Liabilities and Stockholders' Equity Current liabilities $3,196,000 $2,846,100 Long-term debt 3,702,700 3,892,600 Liabilities and Stockholders' Equity Current liabilities $3,196,000 $2,846,100 Long-term debt 3,702,700 3,892,600 Total liabilities 6,898,700 6,738,700 Preferred stock, $5 par value 58,900 58,950 Common stock, $0.25 par value 104,700 103,800 Retained earnings 4,195,250 3,660,530 Total stockholders' equity 4,358,850 3,823,280 Total liabilities and stockholders' equity $11,257,550 $10,561,980 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,177,200 $9,613,950 Cost of goods sold 5,611,600 5,298,700 Gross profit 4,565,600 4,315,250 Operating expenses 2,840,200 2,634,200 Net operating income 1,725,400 1,681,050 Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,177,200 $9,613,950 Cost of goods sold 5,611,600 5,298,700 Gross profit 4,565,600 4,315,250 Operating expenses 2,840,200 2,634,200 Net operating income 1,725,400 1,681,050 Interest expense 300,300 308,650 Net income before taxes 1,425,100 1,372,400 Income taxes (30%) 427,530 411,720 Net income $997,570 $960,680 Dividends paid Preferred dividends 29,450 29,550 Common dividends 433,400 413,000 Total dividends paid 462,850 442,550 Net income retained 534,720 518,130 Retained earnings, beginning of year 3,660,530 3,142,400 Retained earnings, end of year $4,195,250 $3,660,530 Calculate the following liquidity ratios for 2016. (If working capital is negative then enter with a negative sign preceding the number or parentheses, e.g. -15,000 or (15,000). Round all answers except working capital to 2 decimal places, eg. 2.55.) a. Working capital 640550 h Current ratio 0.799 Acid-test ratio 0.566 C. Accounts receivable turnover 11.22 d. times eTextbook and Media Last saved 2 days ago. Save for Later Attempts: 3 of 12 used Submit