The following financial information is for Wildhorse Company. WILDHORSE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2020 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2017 2016 $ 70,000 68,000 40,000 91,000 231,000 167,000 26,000 134,000 134,000 186,000 $886,000 $712,000 51,000 109,000 27,000 264,000 $171,000 $109,000 53,000 41,000 250,000 170,000 206,000 206,000 133,000 $712,000 67,000 41,000 151,000 $886,000 WILDHORSE COMPANY Income Statements For the Years Ended December 31 2017 2016 Sales revenue Cost of goods sold Gross profit Operating expenses Net income $899,000 $798,000 575,000 249,000 223,000 168,000 $57,000 55,000 650,000 192,000 Additional information: 1. Inventory at the beginning of 2016 was $117,000 2. Accounts receivable (net) at the beginning of 2016 were $90,000. 3. Total assets at the beginning of 2016 were $634,000 4. No common stock transactions occurred during 2016 or 2017. 5. All sales were on account. Question 3 pute te laulity and prontability ratios ot wildhorse company tor 2016 and 2017. (Round current ratlo and asset turnover to 2 decintat places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 1.8%It % change decrease show the numbers as negative, e.g.-1.83% or (1.83%).) 2017 2016 % Change LIQUIDITY ccounts receivables turnover times Inventory tumover times 017 010 % Change PROFITABILITY Ptofit rriaryiri Asset tumover Returm on assets times times Earn inys per share Alleripls: 0 of 15 used