7) Financial ratios Given below are comparative balance sheets and an income statement for the Excellent Corporation: Excellent Corporation Excellent Corporation Balance Sheets Income Statement for year ending December 31, 20xx 31-Dec 1-Jan 34,000 Cash 34,000 $ Sales 524,000 (328,000) 196,000 Cost of Goods sold 94,000 Accounts receivable 78,000 68,000 $ Inventory 74,000 Gross Profit $ 114,000 132,000 Equipment (net) Operating expenses (118,700) Operating income Interest expense and $ 310,000 $ 318,000 77,300 Accounts payable Dividends payable 54,000 60,000 Income taxes (28,750) Net Income 12,000 48,550 20,000 32,000 Long-term note payable Common Stock $10 par Retained earnings 32,000 $ 140,000 $ 140,000 64,000 74,000 $ 310,000 $ 318,000 All sales were made on account. Cash dividends declared during the year totaled $58,550. Compute the following: a) Average accounts receivable turnover times b) Average inventory turnover times c) Earning per share of capital stock d) Book Value per share of capital stock at year-end e) Current ratio at year end to 1 Quick ratio at beginning of year to 1 f) g) Debt ratio at year end h) Operating expense ratio i) Return on average assets j) Return on common stockholders' equity