ES Problem 13-2A The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales $1,891,640 $1,751,600 1,007,100 744,500 480,100 330,900 264,400 Cost of goods sold 1,059,640 yGross profit 832,000 501,100460 Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 23,700 307,200 93,700 s 213,500 21,700 242,700 74,700 $168,00o CULLUMBER COMPANY Balance Sheets Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable InventonyY s 60,100 64,200 74,000 50,000 118,900 103,900 127,700 117,200 380,700 335,300 661,000 532,300 $1,041,700 $867,600 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable 161,100 $146,500 FI 161,100 $146,500 43,700 Income taxes payable 45,200 38,300 402,200 Retained earnings $1,041,700 $867,600 the following ratios for 2017, (Round all answers to 2 decimal places, eg. 1.83 or 1.83%.) (c) Return on assets () Average collection period (h) Days in inventory U) Asset turnover (k) Debt to assets ratio