Exercise 18-7 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 2016 2017 Cash $15,100 29,700 Accounts receivable (net) 70,300 59,000 60,900 49,300 195,000 178,500 $341,300 $316,500 $50,600 $60,900 Mortgage payable (696) 101,500 101,500 Common stock, $10 par 144,000 118,500 45,20035,600 $341,300 $316,500 Inventory Plant assets (net) Accounts payable Retained earnings Additional information for 2017: 1. Net income was $25,800 2. Sales on account were $407,000. Sales returns and allowances were $20,700 3. Cost of goods sold was $199,400. Compute the following ratios at December 31, 2017. (Round answers to 1 decimal place, e.g. 1.6) 60,900 49,300 195,000 178,500 $341,300 $316,500 $50,600 $60,900 Mortgage payable (696) 101,500 101,500 Common stock, $10 par 144,000 118,500 45,200 35,600 $341,300 $316,500 Inventory Plant assets (net) Accounts payable Retained earnings Additional information for 2017: 1. Net income was $25,800. 2. Sales on account were $407,000. Sales returns and allowances were $20,700. 3. Cost of goods sold was $199,400. 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