Rondo Corporation’s comparative balance sheets are presented below.

Rondo’s 2017 income statement included net sales of $120,000, cost of goods sold of $70,000, and net income of $14,000.

Instructions 

Compute the following ratios for 2017.

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RONDO CORPORATION Balance Sheets December 31 Cash Accounts receivable Inventory Land Buildings Accumulated depreciation buildings Total Accounts payable Common stock Retained earnings Total 2017 $ 5,300 21,200 9,000 20,000 70,000 (15,000) $110,500 $10,370 75,000 25,130 $110,500 2016 $ 3,700 23,400 7,000 26,000 70,000 (10,000) $120,100 $ 31,100 69,000 20,000 $120,100