CULVER INC. Statement of Financial Position December 31, 2016 Cash $20,000 Accounts payable Accounts receivable 21,200 Bonds payable FV-NI investments 32,000 Common shares Equipment (net) 81,000 Retained earnings Land 40,000 $194,200 $30,000 41,000 100,000 23,200 $194,200 During 2017, the following occurred: 1. Culver liquidated its FV-NI investments portfolio at a loss of $9,000. 2. A parcel of land was purchased for $50,000. 3. An additional $32,000 worth of common shares was issued. 4. Dividends totalling $16,000 were declared and paid to shareholders. 5. Net income for 2017 was $31,000, including $12,000 in depreciation expense. 6. Land was purchased through the issuance of $60,000 in additional bonds. 7. At December 31, 2017, Cash was $50,200; Accounts Receivable was $42,000; and Accounts Payable was $40,000. CULVER INC. Statement of Financial Position Assets Total Liabilities and Shareholders' Equity $ Total $ CULVER INC. Statement of Cash Flows Adjustments to reconcile net income to net cash provided by operating activities: > Calculate the current and acid test ratios for 2016 and 2017. (Round answers to 2 decimal places, e.g. 52.75.) 2017 2016 Current ratio Acid test ratios Calculate Aero's free cash flow and the current cash debt coverage ratio for 2017. (Round current cash debt coverage ratio to 2 decimal places, e.g. 52.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free cash flow Current cash debt coverage ratio