Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 63 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 $2,480,325 $2,085,775 Retained earnings, January 1 Net income 532,000 427,200 Total $3,012,325 $2,512,975 Dividends: On preferred stock $7,000 $7,000 On common stock 25,650 25,650 Total dividends $32,650 $32,650 $2,480,325 Retained earnings, December 31 $2,979,675 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 $3,224,775 Sales Cost of goods sold $2,971,120 996,650 1,083,320 Gross profit $2,141,455 $1,974,470 Check My Work 2 more Check My Work uses remaining. Previous All work saved. Email Instructor Save and Exit Submit Assignment for Grading eBook Calculator Print Item Retained earnings, December 31 $2,979,675 $2,480,325 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 $3,224,775 $2,971,120 Sales Cost of goods sold Gross profit 1,083,320 996,650 $1,974,470 Selling expenses $2,141,455 $743,680 633,505 $891,320 Administrative expenses 523,470 Total operating expenses $1,377,185 $1,414,790 Income from operations $764,270 $559,680 35,720 Other revenue 40,230 $804,500 $595,400 Other expense (interest) 110,400 Income before income tax 200,000 $604,500 72,500 $485,000 Income tax expense 57,800 Net income $532,000 $427,200 Marshall Inc. Comparative Balance Sheet Check My Work 2 more Check My Work uses remaining. Previous All work saved. Save and Exit Submit Assignment for Grading Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 2042 2041 Assets Current assets Cash $552,450 $537,460 Marketable securities 836,140 890,660 584,000 Accounts receivable (net) Inventories 438,000 Prepaid expenses 104,526 547,500 335,800 107,490 $2,418,910 1,005,864 2,475,000 Total current assets $2,515,116 Long-term investments Property, plant, and equipment (net) 2,024,299 2,750,000 $7,289,415 Total assets $5,899,774 Liabilities Current liabilities $739,740 $969,449 Long-term liabilities: Mortgage note payable, 8% $1,120,000 Bonds payable, 8% 1,380,000 1,380,000 Total long-term liabilities Total liabilities $2,500,000 $3,239,740 $1,380,000 $2,349,449 Stockholders' Equity Preferred on 70 stock 450 nar 4500 nnn $500 on Check My Work 2 more Check My Work uses remaining. Previous All work saved. Save and Exit Submit Assignment for Grading Total current assets $2,515,116 Long-term investments 2,024,299 2,750,000 $2,418,910 1,005,864 2,475,000 Property, plant, and equipment (net) Total assets $7,289,415 $5,899,774 Liabilities $ 739,740 $969,449 Current liabilities Long-term liabilities: $0 Mortgage note payable, 8% Bonds payable, 8% 1,380,000 $1,120,000 1,380,000 $2,500,000 $3,239,740 Total long-term liabilities $1,380,000 Total liabilities $2,349,449 Stockholders' Equity Preferred $0.70 stock, $50 par $500,000 $500,000 570,000 Common stock, $10 par 570,000 Retained earnings 2,979,675 $4,049,675 Total stockholders' equity Total liabilities and stockholders' equity 2,480,325 $3,550,325 $5,899,774 $7,289,415 Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year. 1. Working capital $ 1,775,376 2. Current ratio 3.4 3. Quick ratio Check My Work 2 more Check My Work uses remaining. Previous All work saved. Email Instructor Save and Exit Submit Assignment for Grading Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year. 1. Working capital $ 1,775,376 3.4 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables days im No 6. Inventory turnover 0.4 7. Number of days' sales in inventory 73.8 days 8. Ratio of fixed assets to long-term liabilities 1.1 0.8 9. Ratio of liabilities to stockholders' equity 10. Times interest earned 11. Asset turnover 26. 12. Return on total assets 13. Return on stockholders' equity 14. Return on common stockholders' equity 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yield Check My Work 2 more Check My Work uses remaining. Previous All work saved. Email Instructor Save and Exit Submit Assignment for Grading