eBook Six Measures of Solvency or Profitability The following data were taken from the financial statements of Loveseth Inc. for the current fiscal year. Property, plant, and equipment (net) $3,040,000 Liabilities: Current liabilities Note payable, 6%, due in 15 years Total liabilities $1,200,000 1,600,000 $2,800,000 $800,000 1,600,000 Stockholders' equity: Preferred $10 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net Income $1,072,000 928,000 $2,000,000 Preferred dividends $80,000 320,000 400,000 Common dividends 1,600,000 Balance, end of year Total stockholders' equity $4,000,000 Sales $17,920,000 $96,000 Interest expense Assuming that total assets were $6,000,000 at the beginning of the current fiscal year, determine the following: Round y a. Ratio of fixed assets to long-term abilities 1.9 b. Ratio of abilities to stockholders' equity 0.7 Check My Work All work saved Email Instructo MacBook Air eBook Prerere IU SCOXT TO Parquage during your SOUUUUU Common stock, $10 par (no change during year) 1,600,000 Retained earnings: Balance, beginning of year $1,072,000 Net Income 928,000 $2,000,000 Preferred dividends $80,000 Common dividends 320,000 400,000 Balance, end of year 1,600,000 Total stockholders' equity $4,000,000 Sales $17,920,000 Interest expense $96,000 Assuming that total assets were $6,000,000 at the beginning of the current fiscal year, determine the following: Round a. Ratio of foxed assets to long-term liabilities 1.9 b. Ratio of liabilities to stockholders' equity 0.7 C. Asset turnover 2.8 d. Return on total assets 14.5 X % e. Return on stocicholders' equity 9 f. Return on common stockholders equity 53 X % a. Divide property, plant and equipment (net) by long-term liabilities b. Divide total liabilities by tot i stockholders equity CheckMy Work All work saved Email ristructor MacBook Air