he following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $3,200,000 Liabilities: Current liabilities $1,000,000 Note payable, 6%, due in 15 years 2,000,000 Total liabilities $3,000,000 Stockholders' equity: Preferred $10 stock, $100 par (no change during year) $1,000,000 Common stock, $10 par (no change during year) 2,000,000 Retained earnings: Balance, beginning of year $1,570,000 Net income 930,000 Preferred dividends (100,000) (400,000) Common dividends Balance, end of year 2,000,000 Total stockholders' equity $5,000,000 Sales $18,900,000 Interest expense $120,000 Assuminn that lonn 930,000 Preferred dividends (100,000 Common dividends 400,000) Balance, end of year 2,000,000 Total stockholders' equity $5,000,000 Sales $18,900,000 Interest expense $120,000 Assuming that long-term investments totaled $3,000,000 throughout the year and that total assets were $7,000,000 at the beginning of the current fiscal year, determine the following. Round to one decimal place. a. Ratio of fixed assets to long-term liabilities 1.6 b. Ratio of liabilities to stockholders' equity 0.6 Asset turnover 2.5 X d. Return on total assets 11 X 96 e. Return on stockholders' equity 18.6 X 04 1. Retum on common stockholders' equity 23.3 X % Check My Work 3 more Check My Work uses remaining