2) The comparative statements of House Company and presented below HOUSE COMP For year Ended December 31 Net Sales (all on account) 2018 $640,000 Expenses 2017 $510,000 Cost of goods sold Selling and administrative 110,000 350,000 114,000 Interest expense Income tax expense 150,000 7,000 18,000 585,500 6,000 Total expenses Net Income 484,000 54500 26.000 HOUSE COMPANY Balance Sheets December 31 Assets Current assets 2017 2018 $18,000 15,000 75,000 Cash $41,000 Short Term investments 18,000 90,000 Accounts receivable (net) 69,000 Inventory 177,000 235,000 Total current assets 403,000 Plant assets (net) $560,000 $638,000 Total assets Liabilities and stockholders Equity Current liabilities $110,000 $122,000 23,000 Accounts payable Income taxes payable Total current liabilities 20,000 130,000 145,000 Long-term liabilities Bonds payable 80,000 90,000 210,000 235,000 Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity 150,000 150,000 253,000 200,000 403,000 350,000 $638,000 $560,000 Total liabilities and stockholders' equity Additional data Ado common stock recently sold at $25.00 per share. end balance in the allowance for doubtful accounts wa The year- s $3,000 for 2017 and $2,4oo For 2016. Instructions compute the following ratios for 2017 a) Current b) Acid-test c) Accounts receivable turnover d) Inventory turnover h) Return on common stockholders' equity i) Earnings per share i) Price-earnings k) Payout l) Debt to assets e) Profit margin f) Asset turnover g) Return on assets 30 points m) Times interest earned