HOUSE COMPANY Income Statement For year Ended December 31 2018 $640,000 Net Sales (all on account) Expenses Cost of goods sold Selling and administrative $510,000 410,000 150,000 7,000 350,000 114,000 6,000 Interest expense Income tax expense Total expenses 585,500 484,000 Net Income $54.500 $26,000 HOUSE COMPANY Balance Sheets December 31 Assets 2018 2017 Current assets Cash $41,000 $18,000 Short Term investments 18,000 15,000 Accounts receivable (net) Inventory 75,000 69,000 177,000 90,000 Total current assets Plant assets (net) Total assets 403,000 $560,000 $638,000 Liabilities and stockholders Equity Current liabilities $122,000 $110,000 Accounts payable Income taxes payable 20,000 23,000 145,000 130,000 Total current liabilities Long-term liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 150,000 150,000 253,000 200,000 350,000 $ 638,000 $560,000 403,000 Additional data: ecommon stock recently sold at $25.00 per share. e year-end balance in the allowance for doubtful accounts was $3,000 for 2017 and $2,400 Th For 2016. Instructions Compute the following ratios for 2017 a) Current h) Return on common stockholders' equity i) Earnings per share j) Price-earnings k) Payout l) Debt to assets m) Times interest earned b) Acid-test c) Accounts receivable turnover d) Inventory turnover e) Profit margin f) Asset turnover g) Return on assets 30 points