(Part B only, other pics are for reference)

t Time: 09:43 PM / Remaining: 141 min. Question 2 The following financial information is for Cullumber Company. CULLUMBER COMPANY Balance Sheets December 31 Assets 2017 Cash $ 70,000 Debt investments (short-term) 53,000 Accounts receivable 108,000 Inventory 229,000 Prepaid expenses 30,000 Land 130,000 Building and equipment (net) 264,000 Total assets $884,000 Liabilities and Stockholders' Equity Notes payable $172,000 Accounts payable 65,000 Accrued liabilities 41,000 Bonds payable, due 2020 250,000 Common stock, $10 par 202,000 Retained earnings 154,000 Total liabilities and stockholders' equity $884,000 2016 $ 64,000 39,000 90,000 162,000 25,000 130,000 185,000 $695,000 $102,000 51,000 41,000 172,000 202,000 127,000 $695,000 CULLUMBER COMPANY Income Statements For the Years Ended December 31 2017 2016 Sales revenue $890,000 $786,000 Cost of goods sold 641,000 575,000 Gross profit 249,000 211,000 Help System Announcements - e: 09:43 PM / Remaining: 140 min. Operating expenses 194,000 Net income $ 55,000 159,000 $ 52,000 Additional information: 1. Inventory at the beginning of 2016 was $116,000. 2. Accounts receivable (net) at the beginning of 2016 were $90,000. 3. Total assets at the beginning of 2016 were $642,000. 4. No common stock transactions occurred during 2016 or 2017. 5. All sales were on account. (al) Your answer is partially correct. Try again. Compute the liquidity and profitability ratios of Cullumber Company for 2016 and 2017. (Round e.g. 1.8 or 1.8%. If % change is a decrease show the numbers as negative, e.g. -1.83 2017 2016 % Change LIQUIDITY Current ratio 7 1.7619 1.96 10.02 Accounts receivables turnover 8.99 times 8.73 times 2.94% Inventory turnover 3.28 times 4.19 times 20.74% 2017 2016 % Change PROFITABILITY Profit margin comedemann Return to Blackboard og O U U S Accounting for Decision Making for George Mason University le Hele System Announcements Asset turnover Earnings per share 5. Attempt of 2 used December 31, 2017, and (2) (b) The following are three independent situations and a ratio that may be affected. For each station, compute the lected to (1) the situation. (Round all answers to I decimal places 1.0 or 1.8%. If change is a decrease show the bes Situation 1. 18,000 shares of common stock were sold at par on July 1, 2018. Net income for 2018 was $53,000 t December 31, 2018, we ging effect to .) were sity Debt w at 2. All of the notes payable were paid in 2018. All other liabilities remained at the same levels as at December 31, 2018 At December 31, 2018, $904,000. 3. The market price of common stock was $9 and $13 on December 31, 2017 and 2018, respectively. Net income for 2018 was $53,000 2018 2017 Change Return on common stockholders' equity Debt to assets ratio Price earnings ratio Attempt of 2 used SAE LATER SURIT ANSWER OND