Use the following to answer questions 13-17: ABC, Inc 2018 Income Statement ($ in millions) Net sales $9,62 5 5,225 Less: Cost of goods sold Less: Depreciation 1.890 3 2,510 850 Earnings Before interest and taxes Less: Interest paid Taxable income Less: Taxes Net income 1,660 581 $1,07 9 $679 400 Addition to retained earnings Dividends paid ABC, Inc. 2017 and 2018 Balance Sheet ($ in millions) 2017 2018 Cash $1,455 $260 Accounts rec. 2,460 3,975 Inventory 1.405 885 Total $5,320 $5,120 Net fixed assets 19,30021,720 2017 2018 Accounts payable$1,150 $2,863 Notes payable 2.600 1.628 Total $3,750 $4,491 Long-term debt 7,000 7,600 Common stock 5,500 5,700 Retained earnings 8,370 9,049 Total liabilities $24.620 $26.840 Total assets $24.620 $26.840 13. A) What is the current ratio for ABC in 2018? 1.97 1.51 1.23 1.14 1.02 14. A) What is the debt-equity ratio for 2017? 0.46 1.41 0.78 2.15 2.32 15. A) What was inventory turnover for 2018? 1.38 2.42 5.90 3.15 4.38 16. What was the total asset turnover in 2018? A) 0.23 0.52 0.36 0.87 1.44 17. A) B) What was the return on equity for 2018? 18.3% 7.3% 31.4% 14.8% 62.8% Use the following to answer questions 13-17: ABC, Inc 2018 Income Statement ($ in millions) Net sales $9,62 5 5,225 Less: Cost of goods sold Less: Depreciation 1.890 3 2,510 850 Earnings Before interest and taxes Less: Interest paid Taxable income Less: Taxes Net income 1,660 581 $1,07 9 $679 400 Addition to retained earnings Dividends paid ABC, Inc. 2017 and 2018 Balance Sheet ($ in millions) 2017 2018 Cash $1,455 $260 Accounts rec. 2,460 3,975 Inventory 1.405 885 Total $5,320 $5,120 Net fixed assets 19,30021,720 2017 2018 Accounts payable$1,150 $2,863 Notes payable 2.600 1.628 Total $3,750 $4,491 Long-term debt 7,000 7,600 Common stock 5,500 5,700 Retained earnings 8,370 9,049 Total liabilities $24.620 $26.840 Total assets $24.620 $26.840 13. A) What is the current ratio for ABC in 2018? 1.97 1.51 1.23 1.14 1.02 14. A) What is the debt-equity ratio for 2017? 0.46 1.41 0.78 2.15 2.32 15. A) What was inventory turnover for 2018? 1.38 2.42 5.90 3.15 4.38 16. What was the total asset turnover in 2018? A) 0.23 0.52 0.36 0.87 1.44 17. A) B) What was the return on equity for 2018? 18.3% 7.3% 31.4% 14.8% 62.8%