(Answered) Question -frizell company has the following comparative

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Question -

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.

(a) Current ratio

(b) Acid-test ratio

(d) Inventory turnover

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