Problem 13-2A The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY Income Statements For the Years Ended December 31 2017 Net sales $1,899,240 Cost of goods sold 1,067,240 Gross profit 832,000 Selling and administrative expenses 508,700 Income from operations 323,300 Other expenses and losses Interest expense 23,200 Income before income taxes 300,100 Income tax expense 93,200 Net income $ 206,900 2016 $1,759,200 1,014,700 744,500 487,700 256,800 21,200 235,600 74,200 $ 161,400 2016 $ 64,200 50,000 111,500 116,700 342,400 534,300 $876,700 CULLUMBER COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $ 60,100 Debt investments (short-term) 74,000 Accounts receivable 126,500 Inventory 127,200 Total current assets 387,800 Plant assets (net) 663,000 Total assets $1,050,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 168,700 Income taxes payable 44,700 Total current liabilities 213,400 Bonds payable 234,000 Total liabilities 447,400 Stockholders' equity Common stock ($5 par) 290,000 Retained earnings 313,400 Total stockholders' equity 603,400 Total liabilities and stockholders' equity $1,050,800 $154,100 43,200 197,300 214,000 411,300 300,000 165,400 465,400 $876,700 All sales were on account. Net cash provided by operating activities for 2017 was $246,000. Capital expenditures were $135,000, and cash dividends were $58,900. Compute the following ratios for 2017. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.) (a) Earnings per share 3.57 (b) Return on common stockholders' equity 38.721 % (c) Return on assets % 21.47 (d) Current ratio 1.82:1 (e) Accounts receivable turnover 15.96 times x (f) Average collection period 23 ll days (9) Inventory turnover 8.75 times X (h) Days in inventory 42 l days (i) Times interest earned 13.9 times x (i) Asset turnover 96,3 || times (k) Debt to assets ratio 42.571 % (0) Free cash flow 52,100 Click if you would like to Show Work for this question: Open Show Work