Comparative financial statements for Heritage Antiquing Services for the fiscal year ending December appear on the following page. The company did not issue any new common or preferred stock during the year. A total of shares of common stock were outstanding. The interest rate on the bond payable was the income tax rate was and the dividend per share of common stock was $ The market value of the companys common stock at the end of the year was $ All of the companys sales are on account.

Heritage Antiquing Services Comparative Balance Sheet

dollars in thousands

This Year Last Year

Assets

Current assets:

Cash $ $

Accounts receivable, net

Inventory

Prepaid expenses

Total current assets

Property and equipment:

Land

Buildings and equipment, net

Total property and equipment

Total assets $ $

Liabilities and Stockholders\' Equity

Current liabilities:

Accounts payable $ $

Accrued payables

Notes payable, short term

Total current liabilities

Longterm liabilities:

Bonds payable

Total liabilities

Stockholders\' equity:

Preferred stock

Common stock

Additional paidin capital

Total paidin capital

Retained earnings

Total stockholders\' equity

Total liabilities and stockholders\' equity $ $

Heritage Antiquing Services

Comparative Income Statement and Reconciliation

dollars in thousands

This Year Last Year

Sales $ $

Cost of goods sold

Gross margin

Selling and administrative expenses:

Selling expenses

Administrative expenses

Total selling and administrative expenses

Net operating income

Interest expense

Net income before taxes

Income taxes

Net income

Dividends to preferred stockholders

Net income remaining for common stockholders

Dividends to common stockholders

Net income added to retained earnings

Retained earnings, beginning of year

Retained earnings, end of year $ $

Required:

Compute the following financial data for shortterm creditors for this year:

Current ratio. Round your answer to decimal places.

Acidtest ratio. Round your answer to decimal places.