Exercise 13-19 Presented below is information related to Sunland Inc SUNLAND INC. BALANCE SHEET DECEMBER 31, 2017 Cash $45,100 Notes payable (short-term) $50,300 Accounts payable Receivables $111,000 31,700 14,800 5,100 Less; Allowance 96,200 Accrued liabilities Inventory 169,300 Common stock (par $5) 259,100 Prepaid insurance 8,100 Retained earnings 142,900 Land 19,900 Equipment (net) 150,500 $489,100 $489,100 SUNLAND INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $1,401,400 Cost of goods sold Inventory, Jan. 1, 2017 $201,900 Purchases 797,500 Cost of goods available for sale 999,400 (169,300) Inventory, Dec. 31, 2017 Cost of goods sold 830,100 Gross profit on sales 571,300 Operating expenses 171,100 $400,200 Net income Compute the following ratios desimal places, e,a Fo oF dE o ending account balances are representative unless the information provided indicates tionships of Sunland Inc. fferently. (Round answers (1) Current ratio times (2) Inventory turnover times times (3) Accounts receivable turnover (4) Earnings per share (5) Profit margin on sales (6) Return on assets on December 31, 2017 LINK TO TEXT Indicate for each of the following transactions whether the transaction would improve, weaken, or have no effect on the current ratio of Sunland Inc. at December 3:1, 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. B ipment (6) Give an existing creditor a short-term note in settlement of account. Open Show Work Click if you would like to Show Work for this