Exercise 18-7 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 2017 2016 Cash Accounts receivable (net) Inventory Plant assets (net) $ 14,500 $ 29,200 69,000 60,100 60,600 50,700 200,000 185,000 $344,200 $325,000 $50,500 $59,600 101,500 101,500 138,500 122,000 53,600 41,900 $344,100 $325,000 Accounts payable Mortgage payable (6%) Common stock, $10 par 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. 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, .g. 16.) (a) Current ratio times (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover times Click if you would like to Show Work for this questioni Open Show Work