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P18-2B The comparative statements of Docker Tool Company are presented below. DOCKER TOOL COMPANY Income Statement For the Year Ended December 31 2017 2016 Net sales $1,828,500 $1,750,500 Cost of goods sold 1,010,500 996,000 Gross profit 818,000 754,500 Selling and administrative expense 516,000 479,000 Income from operations 302,000 275,500 Other expenses and losses Interest expense 17,000 14,000 Income before income taxes 285,000 261,500 Income tax expense 75,000 77,000 Net income $ 210,000 $ 184,500 2016 DOCKER TOOL COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $ 60,100 Short-term investments 64,000 Accounts receivable (net) 122,800 Inventory 118,000 Total current assets 364,900 Plant assets (net) 605,300 Total assets $970,200 $ 64,200 50,000 102,800 115,500 332,500 520,300 $852.800 Liabilities and Stockholders' Equity Current liabilities Accounts payable $160,000 Income taxes payable 43,500 Total current liabilities 203,500 Bonds payable 210,000 Total liabilities 413,500 Stockholders' equity Common stock ($5 par) 280,000 Retained earnings 276,700 Total stockholders' equity 556,700 Total liabilities and stockholders' equity $970,200 $145,400 42,000 187,400 200,000 387,400 300,000 165.400 465,400 $852,800 All sales were on account. The allowance for doubtful accounts was $3,200 on December 31, 2017, and $3,000 on December 31, 2016. Instructions Compute the following ratios for 2017. (Weighted average common shares in 2017 were 62,500.) (a) Earnings per share. (f Accounts receivable turnover. (b) Return on common stockholders' equity. (g) Inventory turnover. (c) Return on assets. (h) Times interest earned. (d) Current. (i) Asset turnover (e) Acid-test. 6) Debt to assets