Exercise 18-7 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 2017 2016 Cash $ 14,200 $30,400 Accounts receivable (net) 69,300 59,200 Inventory 60,500 50,000 Plant assets (net) 196,500 182,500 $340,500 $322,100 Accounts payable $49,100 $60,300 Mortgage payable (6%) 100,000 100,000 Common stock, $10 par 145,000 116,000 Retained earnings 46,400 45,800 $340,500 $322,100 1. Additional information for 2017: Net income was $24,500 2. Sales on account were $409,500. Sales returns and allowances were $20,200. 3. Cost of goods sold was $199,600. Compute the following ratios at December 31, 2017. (Round answers to 1 decimal place, e.g. 1.6.) (a) Current ratio 21 Compute the following ratios at December 31, 2017. Round answers to 1 decimal place, e.g. 1.6.) (a) Current ratio :1 :1 (b) Acid-test ratio (c) Accounts receivable turnover times (d) Inventory turnover times Click if you would like to Show Work for this question: Quen Show Work