Exercise 13-19 Presented below is information related to Flint Inc FLINT ING. BALANCE SHEET DECEMBER 31, 2017 $44,600 Notes payable (short-term) $49,900 32,200 5,100 258,400 142,700 Cash $110,500 Accounts payable Less: Allowance 15,000 95,500 Accrued liabilities 171,100 Common stock (par $5) Prepaid insurance Land Equipment (net) 8,000 Retained earnings 19,900 149,200 $488,300 $488,300 FLINT INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $1.405,000 Sales revenue Cost of goods sold $198,600 786,300 984,900 (471,100) Inventory, Jan. 1, 2017 Cost of goods available for sale Inventory, Dec. 31, 2017 Cost of goods sold 813,800 Gross profit on sales Operating expenses Net income 169,000 Compute the following ratios or relationships of rlcentatuess t etn provided indicates dferenty. (Round answers to2 (1) Current ratio (2) Inventory turnover (3) Accounts receivable turnover (4) Eamings per share (5) Profit margin on sales (6) Return on assets on December 31, 2017 Indicate for each of the following transactions whether the transaction would improve, weaken, or have r Flint Inc. Assume that the ending account balances are , e.g. 1.59 or 45.87%.) tmes times no effect on the current ratio of Flint Inc. at December 31, 2017. (1) Write off an uncollectible account receivable, $2,200. (2) Purchase additional capital stock for cash. (3) Pay $40,000 on notes payable (short-term). (4) Collect $23,000 on accounts receivable. (S) Buy equipment on account (6) Give an existing creditor a short-term note in settlement of account