(Answered) Question - frizell company has the following comparative

Accounting

Question - Frizell Company has the following comparative balance sheet data.

FRIZELL COMPANY Balance Sheets December 31
	2017	2016
Cash	$15,700	$30,600
Accounts receivable (net)	70,800	59,400
Inventory	60,600	49,000
Plant assets (net)	204,000	180,500
	$351,100	$319,500
Accounts payable	$50,600	$59,100
Mortgage payable (6%)	105,000	105,000
Common stock, $10 par	144,000	122,000
Retained earnings	51,500	33,400
	$351,100	$319,500

Additional information for 2017:

1. Net income was $24,100.

2. Sales on account were $411,000. Sales returns and allowances were $10,200.

3. Cost of goods sold was $199,400.

Compute the following ratios at December 31, 2017.

(a) Current ratio

(b) Acid-test ratio

(d) Inventory turnover

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