2} Financial statements for Gantner Corporation are presented below. [18] GANTN ER CORPORATION Comparative Balance Sheet December 31 2002 2001 Assets Cash ............................................................................................... $ 4,000 $ 6,000 Accounts receivable (net). .. 12,000 10,000 Inventory .......................... 14,000 20,000 Land ............. 23,000 3,000 Machinery ............................. 62,000 l60,000 Accumulated amortization (20,000) (14,000} Total assets .............................................................................. M m Liabilities and Shareholders' Eguity Accounts payable ........................................................................... $ 10,000 Long-term notes payable.. 35,000 Common shares ............ 40,000 Retained earnings ....................................... 15,000 Total liabilities and shareholders' equity .................................... m GANTN ER CORPORATION Income Statement For the year ended December 31, 2002 Sales ............................................................................................................... Less: Sales returns and allowances .. Net sales ........................................... Cost of goods sold.. Gross prot ............. Selling expenses ........... Administrative expenses .......... Income before income taxes... Income tax expense ................ Net income ...................................................................................................... Additional Information: All sales were on account Common shares were issued at $10 per share. The market price of Gantner's common shares was $32 on December 31, 2001, and $36 on December 31. 2002. Calculate the indicated ratios at December 31 . 2002. or for the year ended December 31, 2002. as appropriate. Show your calculations and round your answers to two decimal places. . Return on assets is . Acid test ratio is . Profit margin is . Payout ratio is . Debt to total assets is . Asset turnover is . Receivables tumover is . Price-eamings ratio is . Current ratio is