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Exercise 12-7B Calculate risk ratios (LO12-3) The balance sheets for Company B and additional information are provided below. COMPANY B Balance Sheets December 31, Year 2 and Year 1 Year 2 Year 1 Assets Current assets: Cash 201,200 90,000 101,000 4,600 S 126,000 98,000 86,000 2,600 Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation 540,000 850,000 (488,000) 540,000 730,000 (328,000) Total assets $1,298,800 $1,254,600 Liabilities and Stockholders Equity Current 1iabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity 105,000 8,500 10,500 91,000 12,600 5,600 100,000 200,000 Common stock Retained earnings 760,000 314,800 760,000 185,400 Total liabilities and stockholders' equity $1,298,800 $1,254,600 Additional information for Year 2: Book 1. Net income is $129,400. 2. Sales on account are $1,739,000. 3. Cost of goods sold is $1,299,650. Hint erences Required: 1. Calculate the following risk ratios for Year 2: (Round your answers to 1 decimal place.) Risk Ratios a. Receivables turnover ratio 1.4 times b. Inventory turnover ratio times Current ratio to 1 C. d. Acid-test ratio to 1 % e. Debt to equity ratio