LANGLEY COMPANY-Comparative Balance Sheet December 31, 2020 and 2019 2020 $ 10,000 20,000 40,000 60,000 270,000 $400.000 2019 $ 50,000 60,000 30,000 70,000 290,000 $500.000 Assets Cash Short-term investments. Accounts receivable (net). Inventory.. Property, plant and equipment (net) Total assets Liabilities and stockholders' equity Accounts payable...... Short-term notes payable Bonds payable.. Common stock. Retained earnings... Total liabilities and stockholders' equity.. $ 20,000 40,000 70,000 160,000 110,000 $400.000 $ 30,000 90,000 150,000 160,000 70,000 $500,000 LANGLEY COMPANY-Income Statement For the Year Ended December 31, 2020 $400,000 250,000 150,000 Net sales..... Cost of goods sold Gross profit. Expenses Operating expenses Interest expense. Total expenses Income before income taxes Income tax expense.... Net income.. $42,000 18,000 60.000 90,000 27,000 $ 63.000 Instructions Using the financial statements and additional information, compute the following ratios for Langley Company for 2020 and for selected 2019. Show all computations. 1. Current ratio: 2020 and 2019 2. Return on common stockholders' equity: 2020 3. Acid-test ratio: 2020 and 2019 4. Accounts receivable turnover: 2020 Times interest earned: 2020 6. Profit margin: 2020 7. Inventory turnover: 2020 Return on assets: 2020 9. Debt to Total Assets: 2020 2019 5. 8