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Problem 4: The financial statements of MMI Company appear below: MMI COMPANY Comparative Statements of Financial Position December 31, Assets 2017 Property, plant and equipment (net). $260,000 Inventory 50.000 Accounts receivable (net). 50.000 Short-term investments 15.000 25.000 Cash 400,000 Total assets 2016 $300 000 70,000 30,000 60.000 40.000 $500,000 Equity and liabilities Share capital - ordinary. Retained earnings. Bonds payable. Accounts payable Salaries payable. Total equity and liabilities $150.000 110,000 80,000 20,000 40.000 $400.000 $150,000 70,000 160.000 30.000 20.000 $500,000 MMI COMPANY Income Statement For the Year Ended December 31, 2017 $400.000 Net sales Cost of goods sold Gross profit. Operating expenses Income from operations Interest expense. Income before income taxes. Income tax expense. Net income. 160.000 42.000 118.000 18.009 100.000 $70,000 Additional information: Cash dividends of $23,000 were declared and paid in 2017 Instructions Using the financial statements and additional information, compute the following tatoos for MM Company for 2017 computations. (Use average balances for ratios that require you to do so) Click Save and Submit to save and submit. Click Save All Answers to save all answers. hp La dividends of $23.000 were declared and paid in 2017 Instructions Using the financial statements and additional information, compute the following ratios for MMI Company fox 201 computations. (Use average balances for ratios that require you to do so) 1. Current ratio 2. Return on ordinary shareholders' equity 3. Acid-test ratio. 4. Accounts receivable turnover in times. 5. Times interest earned. 6. Inventory turnover in days. 7. Payout ratio. 8. Return on assets. 3 (12pt) T T T Arial Click Save and Submit to save and submit. Click Save All Answers to save all answers