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Exercise 18-7 Frizell Company has the following comparative balance sheet data FRIZELL COMPANY Balance Sheets 2017 2016 Cash $ 14,500 29,200 Accounts receivable (net) 69,000 60,100 60,60050,700 200,000 185,000 $344,100 $325,000 $50,500 $59,600 Mortgage payable (696) 101,500 101,500 Common stock, $10 par 138,500 122,000 53,600 41,900 $344,100 $325,000 Inventory Plant assets (net) Accounts payable Retained earnings Additional information for 2017: 1. Net income was $24,500 2. Sales on account were $409,000. Sales returns and allowances were $20,700 3. Cost of goods sold was $197,000 Compute the following ratios at December 31, 2017. (Round answers to 1 decimal place, e.g. 1.6.) (a) Current ratio (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover times times