Exercise 18-7 Frizell Company has the following comparative balance sheet data. ENMENT RESOURCES ter 18 Homework ercise 18-3 ercise 18.5 ercise 18-2 ercise 19.8 ercise 18-9 ercise 18.11 w Score Results by Study ive FRIZELL COMPANY Balance Sheets December 31 2017 2016 Cash $ 15,300 $ 30,000 Accounts receivable (net) 70,300 60,800 Inventory 59,200 49,800 Plant assets (net) 205,000 177,000 $349,800 $317,600 Accounts payable $49,300 $61,000 Mortgage payable (6%) 109,500 109,500 Common stock, $10 par 135,500 120,000 Retained earnings 55,500 27,100 $349,800 $317,600 Additional information for 2017: 1. 2. 3. Net Income was $25,000. Sales on account were $411,000. Sales returns and allowances were $20,400. Cost of goods sold was $198,100. Compute the following ratios at December 31, 2017. (Round answers to 1 decimal place, e.g. 1.6.) (a) Current ratio :1 (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover times times Click if you would like to Show Work for this question: Open Show Work MacBook