Kamla Corporation Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 et sales (all on account) penses: Cost of goods sold Selling and administrative Interest expense Income tax expense Total expenses et income $1,368,000 $1,026,000 $822,000 217,000 13,000 33,600 $1,085,600 $282,400 $704,000 218,000 13,000 28,000 $963,000 $63,000 Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 Assets 2016 2015 Current assets: Cash Notes receivable Accounts receivable (net) Inventory $40,600 $36,000 28,900 171,600 148,800 137,400 351,100 776,000 $1,269,000 $1,127,100 35,800 180,000 428,000 841,000 Total current assets Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable $242,000 $230,000 38,400 $289,800 $268,400 47,800 Total current liabilities Long-term liabilities: Bonds payable 240,000 160,600 Total liabilities $529,800 $429,000 Accounts payable Notes payable 242,000 $%230,000 38,400 $289,800 $268,400 47,800 Total current liabilities Long-term liabilities: 240,000 160,60o $529,800 $429,000 Bonds payable Total liabilities Stockholders' equity: Common stock ($5 par) Retained earnings $300,000 $300,000 439,200 398,100 739,200 $698,100 $1,127,100 Total stockholders' equity Total liabilities and stockholders' equity $1,269,000 Additional data: 1) The common stock recently sold at $44 per share. 2) The weighted-average common shares outstanding for the two years, 2015 and 2016, was 80,000 shares. Compute the current ratio for 2016. (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amo answers, you must enter your answers with commas) Current Ratio- What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amou answers, you must enter your answers with commas.) For every dollar of the company needs to pay, it has $ of to utilize