2. Refer to the financial statement data for Patriot Corp. for 2011 and 2010. Complete the table by computing the ratios. 2011 2010 Patriot Corp. Balance Sheet As of December 31, Assets: Cash and Cash Equivalents Accounts Receivable Inventory Current Assets $ 55,250 $ 69,000 126,500 92,000 287,500 80,750 63,750 199,750 Equipment Less: Accumulated depreciation Equipment-Net Land 194,063 -38,813 155,250 132,250 148,750 -29,750 119,000 106,250 Total assets: $575.000 $425.000 Liabilities: Accounts Payable Accrued Salaries Payable Rent Expense Payable Income Tax Payable Current Liabilities $ 69,000 51,750 35,750 4,788 161,288 $ 42,500 42,500 28,500 1,250 114,750 Long-term note payable Total Liabilities 172,500 333,788 102,000 216,750 Stockholders' Equity: Common stock Retained earnings 115,000 126,212 89,250 119,000 Total liabilities and stockholders' equity: $575.000 $425.000 Patriot Corp. Income Statement For the year ended December 31, 2011 Revenues Cost of goods sold Gross Profit $ 373,750 (224,250) $149,500 Operating Expenses Depreciation expense Salary expense Insurance Expense Rent Expense Interest Expense Total Operating Expenses (9,062) (56,063) (44,850) (18,688) (6,120) (134,783) Income from Operations Income Tax Expense 14,717 (4415) Net income $ 10.302 Dividends paid to Common Shareholders $ 3,090 Financial Ratio to be calculated: 20111 2010 Current Ratio Quick Ratio Days Accounts Receivable Days Inventory Days Accounts Payable Net Days Working Capital Long-term Debt to Long-term Capital Ratio Long-term Debt to Shareholders' Equity ratio Liabilities to Total Assets Interest Coverage ratio N/A - Not Applicable for the given year N/A N/A N/A N/A N/A ANS