Exercise 5-18 (Part Level Submission) The comparative balance sheets of Sheridan Corporation at the beginning and end of the year 2017 appear below. SHERIDAN CORPORATION BALANCE SHEETS Dec 31, 2017 Jan. 1, 2017 Inc./Dec. Assets Cash $21,600 $14,370 $7,230 Inc. Accounts receivable 107,600 89,370 18,230 Inc Equipment 40,600 23,370 17,230 Inc. Less: Accumulated Depreciation Equipment (17,000) (11,000) 6,000 Inc Total $152,800 $116,110 Liabilities and Stockholders' Equity Accounts payable $21,600 $16,370 5,230 Inc. Common stock 101,600 81,370 20,230 Inc Retained earnings 29,600 18,370 11,230 Inc. Total $152,800 $116,110 Net income of $45,600 was reported, and dividends of $34,370 were paid in 2017. New equipment was purchased and none was sold. (a) Compute the current ratio (current assets + current liabilities) as of January 1, 2017, and December 31, 2017. (Round ratios to 1 decimal place., c.9. 4.5.) December 31, 2017 January 1, 2017 Current ratio Compute free cash flow for the year 2017. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Free Cash Flow