Exercise 90 The condensed financial statements of Marks Company for the years 2017-2018 are presented below: Marks Company Comparative Balance Sheets As of December 31, 2017 and 2018 2018 2017 $420,000 $156,000 Accounts receivable (net) 366,000 307,000 378,000 342,000 1,805,000 1,116,000 Cash Plant and equipment Accumulated depreciation (260,000) (195,000) $342,000 $161,000 43,000 0- Accounts payable Dividends payable Bonds payable Common stock ($10 par) Retained earnings 404,000 1,240,000 443,000 282,000 $2,709,000 $1,726,000 1,520,000 Additional data: Market value of stock at 12/31/18 is $80 per share. Marks sold 34,000 shares of common stock at par on July 1, 2018. Marks Company Condensed Income Statement For the Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross profit Administrative and selling expenses Net income $2,444,000 1,640,000 804,000 502,000 $302,000 Compute the following financial ratios by placing the proper amounts for numerators and denominators. (R answers to 2 decimal places, e.g.52.75.) (a) Current ratio at 12/31/18 (b) Acid test ratio at 12/31/18 (c) Accounts receivable turnover in 2018