Current assets: AUTOMOTIVE SOLUTIONS INC. Comparative Balance Sheet December 31, 20Y8 and 20Y7 Dec. 31, 20Y8 Dec. 31, 2017 Assets Cash $297,010 $239,190 Temporary investments 449,530 396,360 Accounts receivable (net) 248,200 233,600 Inventories 189,800 146,000 Prepaid expenses 56,188 47,840 Total current assets $1,240,728 $1,062,990 Long-term investments 730,342 539,657 Property, plant, and equipment (net) 1,100,000 990,000 Total assets $3,071,070 $2,592,647 Liabilities Current liabilities $364,920 $548,797 Long-term liabilities: Mortgage note payable, 8%, due in 15 years $450,000 $0 Bonds payable, 8%, due in 20 years 550,000 550,000 Total long-term liabilities $1,000,000 $550,000 Total liabilities $1,364,920 $1,098,797 Stockholders' Equity Preferred $0.70 stock, $20 par $220,000 $220,000 Common stock, $10 par 250,000 250,000 Retained earnings 1,236,150 1,023,850 Total stockholders' equity $1,706,150 $1,493,850 Total liabilities and stockholders' equity $3,071,070 $2,592,647 Instructions: notermine the following moscurec for Dove Comparative Statement of Stockholders' Equity For the Years Ended December 31, 2018 and 20Y7 20Y8 20Y7 Preferred Stock Common Stock Retained Preferred Common Earnings Stock Stock Retained Earnings Balances, Jan. 1 $220,000 $250,000 $1,023,850 $220,000 $250,000 $872,750 Net income 240,000 178,800 Dividends: Preferred stock Common stock (7,700) (7,700) (20,000) (20,000) Balances, Dec. 31 $220,000 $250,000 $1,236,150 $220,000 $250,000 $1,023,850 AUTOMOTIVE SOLUTIONS INC. Comparative Balance Sheet The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Autom AUTOMOTIVE SOLUTIONS INC. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 20Y7 Sales $1,252,680 $1,154,130 Cost of goods sold (470,120) (432,510) Gross profit $782,560 $721,620 Selling expenses $(241,650) $(308,350) Administrative expenses (205,850) (181,090) Total operating expenses (447,500) (489,440) Operating income $335,060 $232,180 Other revenue and expense: Other revenue 17,640 14,820 Other expense (interest) (80,000) (44,000) Income before income tax $272,700 $203,000 Income tax expense (32,700) (24,200) Net income $240,000 $178,800 Round ratio values to one decimal place and dollar amounts to the nearest cent. For number of days' sales in receivables and number of days' sales in inventory, round intermediate calculations to the nearest whole dollar and final amounts to one decimal place. Assume the are 365 days in the year. 1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Days' sales in receivables 6. Inventory turnover 875,808 3.4 2.7 2 x 2 X days 2 x 7. Days' sales in inventory 8. Debt ratio 2 X days 2 x % 9. Ratio of liabilities to stockholders' equity 0.8 10. Ratio of fixed assets to long-term liabilities 1.1 11. Times interest earned 2 X times 12. Times preferred dividends earned 2 x times 13. Asset turnover 14. Return on total assets 15. Return on stockholders' equity 16. Return on common stockholders' equity 2 x 2 % 2 X % 2 X % x 17. Earnings per share on common stock 18. Price-earnings ratio 2 x 19. Dividends per share of common stock 2 x 20. Dividend yield 2 X % Feedback