Exercise 13-18 Your answer is partially correct. Try again. Buffalo Company's condensed financial statements provide the following information. BUFFALO COMPANY BALANCE SHEET Dec. 31, 2017 Dec. 31, 2016 Cash Accounts receivable (net) Short-term investments Inventory Prepaid expenses $ 52,500 199,600 80,400 443,200 2,900 $ 778,600 850,000 $1,628,600 $ 59,400 80,400 40,000 360,800 7,000 $ 547,600 860,000 $1,407,600 Total current assets Property, plant, and equipment (net) Total assets Current liabilities Bonds payable Common stockholders' equity Total liabilities and stockholders' equity 232,500 400,200 995,900 $1,628,600 163,500 400,200 843,900 $1,407,600 INCOME STATEMENT FOR THE YEAR ENDED 2017 Sales Cost of goods sold Gross profit Selling and administrative expenses Interest expense $1,639,200 (803,800) 835,400 (442,300) (40,200) $ 352,900 Net income Determine the following for 2017. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) (1) Current ratio at December 31 3.35 times (2) Acid-test ratio at December 31 1.43 times (3) Accounts receivable turnover 11.71 times (4) Inventory turnover 2.0 times (5) Return on assets % (6) Profit margin on sales 21.53%