Financial statements for Global Filter Corp. are presented below: Balance sheet, December 31 2017 2016 2017 2016 Assets Liabilities and shareholders' equity Current assets: Current liabilities: Cash and cash equivalents $300,699 $265,978 Bank overdraft $3,315 $3,259 Short-term note receivable 220,169 148,055 Accounts payable and accrued liabilities 186,745 191,805 Accounts receivable 234,688 235,605 Income taxes payable 22,215 31,076 Inventory 146,280 146,713 Current portion of long-term debt 1,788 1,906 Prepaid expenses 22,307 20,923 214,063 228,046 Deferred tax asset 13,466 13,201 Long-term debt 4,341 4,351 937,609 830,475 Deferred tax liability. 79,505 71,004 Investments and other assets: Other long-term liabilities 63,442 53,060 Long-term receivables and other 36,568 35,620 361,351 356,461 Investments in associated companies 11,088 11,845 Shareholders' equity: 47,656 47,465 Capital stock Property, plant and equipment, net 683,452 575,664 Exchangeable preference shares 105,834 106,639 Accrued pension benefit and intangible assets: Common shares 600 500 Accrued pension benefit asset 40,227 41,243 Contributed surplus 26,272 25,860 Excess of cost over net assets of Retained earnings (prefered dividends business acquired, net 3,861 22,794 were $21,994). 1,218,748 1,028,181 44,088 64,037 1,351,454 1,161,180 Total assets $1,712,805 $1,517,641 Total liabilities and shareholders' equity. $1,712,805 $1,517,641 2017 2016 $1,279,900 $1,344,837 Income statement, year ended December 31 Sales (assume all are on account) Costs and operating expenses: Cost of goods sold and other operating expenses Depreciation Selling and administrative Income from operations Interest income (net of $300 of interest expense). Gain on sale of assets Other income Income before tax Income tax 861,767 937,309 62,205 55,673 98,115 102,600 1,022,087 1,095,582 257,813 249,255 16,398 15,210 9,148 5,384 3,259 7,504 286,618 277,353 76,542 78,642 210,076 198,711 2,485 2,294 $212,561 $201,005 Equity in earnings of associated companies Net income Prepare the ratios, as listed below. Use average balances where appropriate. Assume all sales are on account. Assume an income tax rate of 30% for both years. Assume 70% of cost of goods sold and other operating expenses is cost of goods sold and 30% is operating expenses. Please make sure your final answer(s) are accurate to 2 decimal places. Ratio Analysis 2017 Activity Asset turnover times Accounts receivable turnover times Days' sales uncollected days Inventory turnover times