Gallaxy Company has the following comparative balance sheet data

Compute selected ratios. E18-7B Gallaxy Company has the following comparative balance sheet data. (LO2) Exercises: Set B 3 Additional information for 2017 : 1. Net income was $25,000. 2. Sales on account were $429,000. Sales returns and allowances were $9,000. 3. Cost of goods sold was $198,000. 4. The allowance for doubtful accounts was $2,500 on December 31,2017 , and $2,000 on December 31, 2016. Instructions Compute the following ratios at December 31, 2017. (a) Current. (b) Acid-test. (c) Accounts receivable turnover. (d) Inventory turnover. E18-8B Selected comparative statement data for Wegman Products Company are presented below. All balance sheet data are as of December 31 . Compute selected ratios. (LO 2) Instructions Compute the following ratios for 2017. (a) Profit margin. (b) Asset turnover. (c) Return on assets. (d) Return on common stockholders' equity