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Exercise 14-7 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 2017 2016 Cash $ 14,200 $ 29,500 Accounts receivable (net) 69,400 60,000 Inventory 60,000 49,700 Plant assets (net) 197,000 180,500 $340,600 $319,700 Accounts payable $49,400 $59,900 Mortgage payable (6%) 101,500 101,500 Common stock, $10 par 144,500 122,000 Retained earnings 45,200 36,300 $340,600 $319,700 Additional information for 2017: 1. Net income was $25,000. 2. Sales on account were $405,500. Sales returns and allowances were $20,200. 3. Cost of goods sold was $195,000. Compute the following ratios at December 31, 2017. (Round answers to 1 decimal place, e.g. 1.6.) Cash Accounts receivable (net) Inventory Plant assets (net) $ 14,200 $ 29,500 69,400 60,000 60,000 49,700 197,000 180,500 $340,600 $319,700 $49,400 $59,900 101,500 101,500 144,500 122,000 45,200 36,300 $340,600 $319,700 Accounts payable Mortgage payable (6%) Common stock, $10 par Retained earnings Additional information for 2017: 1. 2. 3. Net income was $25.000 Wome was 23,0UU. Sales on account were $405,500. Sales returns and allowances were $20,200. Cost of goods sold was $195,000. Compute the following ratios at December 31, 2017. (Round answers to (a) Current ratio (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover times times

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