2. The following information is taken from the books of Flintrock Corporation. Flintrock Corporation Comparative Balance Sheet December 31 2007 Assets 2008 $ Cash Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets 120,000 135,000 270,000 750,000 1,275,000 110,000 95,000 240,000 800,000 1,245,000 Liabilities and Stockholders' Equity Accounts Payable Accrued Liabilities Bonds Payable, 10 percent Common Stock, $10 par Retained Earnings Total liabilities and stockholders' equity 152,000 12,000 160,000 500,000 451,000 1,275,000 208,000 16,000 160,000 500,000 361,000 1,245,000 Flintrock Corporation Income Statement For the Year Ended December 31, 2008 1,200,000 700,000 500,000 Net Sales Cost of Goods Sold Gross Margin Operating Expenses: Depreciation Interest Others Income Before Income Taxes Income Taxes Net Income 70,000 10,000 260,000 340,000 160,000 40,000 120,000 Note: Dividends of $0.60 per share were declared and paid during 2008. The market price of the stock on December 31, 2008 was $18.00 per share. Compute the following ratios for the year 2008. Round your answers to two decimal places. Show you workings. Current ratio b. Receivable Turnover Inventory Turnover d. Asset Turnover e. Average days' Inventory f. Interest Coverage Ratio on hand Return on Equity h. Price/earings ratio