Presented below is information related to Fint Inc. FLINT INC. BALANCE SHEET 44,600 Notes payable (short-term)$49,900 32,200 5,100 258,400 142,700 Cash Receivables 110,500 Accounts payable 15,000 95,500 Acerued liabiles Less: Allowance teventory Prepaid insurance Land Equipment (net) 171,100 Common stock (par $5) 8,000 Retained earnings 19,900 149,200 $488,300 $488,300 FLINT INC INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold $1,405,000 Inventory, Jan. 1, 2017 Purchases Cost of goods available for sale Inventory, Dec. 31, 2017 Cost of goods sold 198,600 786,300 984,900 (171,100) 813,800 Gross profit on sales Operating expenses Net income 169,000 422,200 Compute the following ratios or relationships of Flint inc. Assume that the ending account balances are representative unless the information provided indicates ifferently, (Round answers to 2 decimal places, eg, 1.59 or 45.87%.) (1) Current ratio (2) Inventory turnover (3) Accounts receivable turnover (4) Earnings per share (S) Profit margin on sales (6) Return on assets on December 31, 2017 Indicate for each of the following transactions whether the transaction would improve, weaken, or have no effect on the current ratio of Flint Inc. at December 31, 2017 (1) Write off an uncollectible account receivable, $2,200. (2) Purchase addtional capital stock for cash, (3) Pay $40,000 on notes payable (short-term) (4) Collect $23,000 on accounts receivable (5) Buy equipment on account. (6) Give an existing creditor short-term note in settlement or account