4.Following are selected data from the comparative income statement and balance sheet for Titanic Corporation for the yearsended December 31, 2007 and 2008.

Selected Data

2008 2007

Net sales 96,000 93,000

Cost of goods sold 51,300 52,500

Gross Profit 44,700 40,500

Income from operations 16,300 15,000

Interest expense 3,000 3,500

Net income 9,800 9,000

Cash 2,700 3,500

Accounts receivable 10,700 12,500

Inventory 25,000 30,000

Prepaid expenses 1,000 900

Total current assets 39,400 46,900

Total long term assets 50,000 67,000

Total current liabilities 39,000 49,500

Total long term liabilities 15,000 25,000

Common stock, no par 10,000 10,000

Retained earnings 25,400 29,400

*NOTE:1,000 shares of common stock have been issued and outstanding since the company started operations.During all of the fiscal year ended December 31, 2008, the stock was selling for $45 per share.

Calculate the following ratios at December 31, 2008using the formulas provided on the following page.