Exercise 12-8 (Part Level Submission) Oriole Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Oriole Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets $398,000 1,046,000 730,000 381,300 2,555,300 8,711,250 $11,266,550 $417,450 776,450 681,050 247,100 2,122,050 8,439,765 $10,561,815 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $3,206,000 3,702,650 6,908,650 59,000 104,650 4,194,250 4,357,900 $11,266,550 $2,846,050 3,892,600 6,738,650 59,000 103,800 3,660,365 3,823,165 $10,561,815 Oriole Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,177,200 $9,613,900 Cost of goods sold 5,612,550 5,298,700 Gross profit 4,564,650 4,315,200 Operating expenses 2,840,300 2,634,100 Net operating income 1,724,350 1,681,100 Interest expense 300,300 308,650 Net income before taxes 1,424,050 1,372,450 Income taxes (30%) 427,215 411,735 Net income $996,835 $960,715 Dividends paid Preferred dividends Common dividends Total dividends paid 29,550 433,400 29,550 413,100 442,650 518,065 3,142,300 $3,660,365 462,950 533,885 3,660,365 $4,194,250 Net income retained Retained earnings, beginning of year Retained earnings, end of year v (a-d) Calculate the following liquidity ratios for 2016. (If working capital is negative then enter with a ne Collapse question part ing the number or parentheses, e.g. -15,000 or (15,000). Round all answers except working capital to 2 decimal places, e.g. 2.55.) a. Working capital $ -8,711,250 b. Current ratio 0.23 c. Acid-test ratio 0.57 d. Accounts receivable turnover times Click if you would like to Show Work for this question: Open Show Work