Exercise 13-17 Headland Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. HEADLAND COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash Receivables Inventory Plant assets (net) $82,800 136,200 145,300 80,800 $445,100 $43,500 Accounts payable 70,300 Mortgage payable 103,400 227,900 $445,100 Common stock ($1 par) Retained earnings The net income for 2017 was $24,200. Assume that total assets are the same in 2016 and 2017 Compute each of the following ratios. (Round answers to 2 decimal places, eg. 1.59 or 45.87%.) (a) Current ratio (b) Acid-test ratio (c) Debt to assets ratio (d) Return on assets