1. Presented below are the financial statements of Solid Woods Inc. Solid Woods Inc. Comparative Balance Sheets April 30 2018 2017 $67000 29500 56900 102,300 $42980 22500 47500 90650 Assets Current Assets Cash Short Term Investments Accounts Receivable Inventory Long Term Assets Long term Investments Equipment Accumulated depreciation- equipment Total 97,000 198,000 (50000) 103000 215000 (48000) $500,700 $473,630 $85,300 26700 $55400 15000 Current Liabilities Accounts Payable Accrued Expenses payable Long Term Liabilities Bonds Payable Stockholders' Equity Common Stock Retained Earnings Total 98,000 80,000 125,000 165,700 $500,700 165500 157,730 $473,630 Solid Woods Inc. Income Statement For the Year Ended April 30, 2018 Sales Revenue Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses excluding depreciation Depreciation Expense Interest Expense Income Tax expense Loss on disposal of plant assets Net Income $338,705 35,000 303,705 111,153 192,552 71,907 30,955 28,220 13500 0 47970 [8] Instructions: Compute the following ratios for 2018 using the data given above. a) Current ratio b) Average Collection Period c) Debt to assets d) Asset Turnover