Condensed balance sheet and income statement data for Breckenridge Corporation are presented here.

Additional information:
1. The market price of Breckenridge's common stock was $6.00, $9.00, and $7.00 for 2008, 2009, and 2010, respectively.
2. You must compute dividends paid. All dividends were paid in cash.
Instructions
(a) Compute the following ratios for 2009 and 2010.
(1) Profit margin.
(2) Gross profit.
(3) Asset turnover.
(4) Earnings per share.
(5) Price-earnings.
(6) Payout.
(7) Debt to total assets.
(b) Based on the ratios calculated, discuss briefly the improvement or lack thereof in the financial position and operating results from 2009 to 2010 of BreckenridgeCorporation.

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BRECKENRIDGE CORPORATION Balance Sheets December 31 2010 2009 2008 Cash Receivables (net) Other current assets Investments Plant and equipment (net) 50,000 90,000 55,000 500,000 30,000 20,000 18,000 45,000 85,000 70,000 370,000 48,000 64,000 45,000 258,000 $590,000 $433,000 $725,000 Current liabilities Long-term debt Common stock, $10 par Retained earnings s 85,000 185,000 320,000 135,000 $80,000 85,000 300,000 125,000 30,000 20,000 300,000 83,000 $725000 $590,000 $433,000 5,000 $590,000 $433,000 BRECKENRIDGE CORPORATION Income Statements For the Years Ended December 31 2010 2009 Sales Less: Sales returns and allowances $640,000 $500,000 30,000 40,000 Net sales Cost of goods sold Gross profit 600,000 470,000 425,000300,000 175,000 170,000 Operating expenses (including income taxes) 110,000 000 S 65,000 71,000 Net income