288 Chapter 5 Duke Snider Motel Condensed Income Statement For the year ended December 31, 20X4 $1,500,000 Sales Cost of Goods Sold 200,000 Operating Expenses 800,000 Contribution Margin 500,000 Undistributed Operating Expenses 125,000 Gross Operating Profit 375,000 Interest 120,000 Other Non-Operating Expenses 162,000 Income Before Taxes 93,000 Income Tax 27,900 Net Income $ 65,100 Required: Calculate the following ratios: 1. Current ratio. 2. Acid-test ratio. 3. Debt-equity ratio. 4. Number of times interest earned ratio. 5. Operating efficiency ratio. 6. Profit margin. 7. Return on owners' equity (assume that the only change in owners' equity during 20X4 is the net income of $65,100). 8. Return on total assets (assume that total assets were $640,000 on January 1, 20X4)