Financial statements for Solomon Company follow. SOLOMON COMPANY Balance Sheets As of December 31 2019 2018 $ 23,000 21,400 55,000 140,000 29,000 268,400 32,000 280,000 32,000 $612,400 $ 19,000 7,400 47,000 148,000 14,000 235,400 25,000 265,000 27,000 $552,400 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock, (par value $10, 4% cumulative, non-participating; 9,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 35,400 88,800 23,000 147,200 $ 13,900 75,000 17,000 105,900 120,000 29,000 149,000 296,200 120,000 24,000 144,000 249,900 90,000 90,000 90,000 136,200 316,200 $612,400 90,000 122,500 302,500 $552,400 SOLOMON COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 2019 2018 Revenues Sales (net) $370,000 $350,000 Other revenues 10,800 7,800 Total revenues 380,800 357,800 Expenses Cost of goods sold 185,000 145,000 Selling, general, and administrative 69,000 64,000 Interest expense 12,200 11,400 Income tax expense 93,000 92,000 Total expenses 359, 200 312,400 Net earnings (net income) 21,600 45,400 Retained earnings, January 1 122,500 85,000 Less: Preferred stock dividends 3,600 3,600 Common stock dividends 4,300 4,300 Retained earnings, December 31 $136,200 $122,500 Required Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet. a. Working capital. b. Current ratio. (Round your answers to 2 decimal places.) c. Quick ratio. (Round your answers to 2 decimal places.) d. Receivables turnover (beginning receivables at January 1, 2018. were $48.000). (Round your answers to 2 decimal places.) e. Average days to collect accounts receivable. (Round your Intermedlate calculations to 2 declmal places and your final answers to the nearest whole number.) : 1. Inventory turnover (beginning inventory at January 1, 2018, was $154.000). (Round your answers to 2 decimal places.) g. Number of days to sell inventory. (Round your Intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) h. Debt to assets ratio. (Round your answers to the nearest whole percent.) : 1. Debt to equity ratio. (Round your answers to 2 decimal places.) J. Number of times interest was earned. (Round your answers to 2 decimal places.) k. Plant assets to long-term debt. (Round your answers to 2 decimal places.) El. Net margin. (Round your answers to 2 decimal places.) n. Turnover of assets. (Round your answers to 2 declmal places.) n. Return on investment. (Round your answers to 2 decimal places.) o. Return on equity. (Round your answers to 2 decimal places.) p. Earnings per share. (Round your answers to 2 declmal places.) q. Book value per share of common stock. (Round your answers to 2 decimal places.) r. Price-earnings ratio (market price per share: 2018. $12.45: 2019. $13.90). (Round your Intermediate calculations and final answer to 2 decimal places.) S. Dividend yield on common stock. (Round your answers to 2 decimal places.) 2019 2018 b. times days times days % times days times days n. a. Working capital Current ratio c. Quick ratio d. Receivables turnover e. Average days to collect accounts receivable f. Inventory turnover Average days to sell inventory Debt to assets ratio Debt to equity ratio Number of times interest earned Plant assets to long-term debt Net margin Asset turnover Return on investment 0. Return on equity Earnings per share 9. Book value per share Price-earnings ratio Dividend yield times times 2 per share per share per share per share