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Question 3 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 2017 2016 Cash Accounts receivable (net) Inventory Plant assets (net) $ 15,600 $ 31,000 69,000 59,600 59,000 50,800 198,000 178,500 $341,600 $319,900 Accounts payable Mortgage payable (6%) Common stock, $10 par Retained earnings $49,500 $60,700 107,500 107,500 136,500 121,000 48,100 30,700 $341,600 $319,900 Additional information for 2017: 1. 2. Net income was $24,700. Sales on account were $412,000. Sales returns and allowances were $20,600. Cost of goods sold was $195,700. 3. Compute the following ratios at December 31, 2017. (Round answers to 1 decimal place, e.g. 1.6.) (a) Current ratio :1 (b) Acid-test ratio 1 (c) Accounts receivable turnover times (d) Inventory turnover times