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Marin Company's condensed financial statements provide the following information. MARIN COMPANY BALANCE SHEET Dec. 31, 2020 Dec. 31, 2019 Cash $ 9,000 $ 24,000 Accounts
Marin Company's condensed financial statements provide the following information. MARIN COMPANY BALANCE SHEET Dec. 31, 2020 Dec. 31, 2019 Cash $ 9,000 $ 24,000 Accounts receivable (net) 151,000 111,000 Short-term investments 54,000 31,000 Inventories 303,000 265,000 Prepaid expenses 11,000 10,000 Total current assets $ 528,000 $441,000 Property, plant, and equipment (net) 463,000 423,000 Total assets $991,000 $864,000 Current liabilities 281,000 197,000 Bonds payable 253,000 261,000 Common stockholders' equity 457,000 406,000 Total liabilities and stockholders' equity $991,000 $864,000 INCOME STATEMENT FOR THE YEAR ENDED 2020 Net sales $2,629,000 Cost of goods sold (1,672,000) Gross profit 957,000 Selling and administrative expenses (580,000) Interest expense (28,000) Net income $ 349,000 (a) Determine the following for 2020. (Round accounts receivable turnover and inventory turnover to 1 decimal place, e.g. 15.2. Round current ratio, acid-test ratio, rate of return on assets and profit margin on sales to 2 decimal places, e.g. 1.59 or 45.87%.) (a) Determine the following for 2020. (Round accounts receivable turnover and inventory turnover to 1 decimal place, e.g. 15.2. Round current ratio, acid-test ratio, rate of return on assets and profit margin on sales to 2 decimal places, e.g. 1.59 or 45.87%.) (1) Current ratio at December 31 times (2) Acid-test ratio at December 31 times (3) Accounts receivable turnover times (4) Inventory turnover times (5) (5) Rate of return on assets % (6) Profit margin on sales %
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