Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 57 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2012 and 2041 2012 20Y1 Retained earnings, January 1 $3,504,925 $3,033,475 Net Income 840,000 621,300 Total $4,424,925 $3,654,775 Dividends: On preferred stock $13,300 $13,300 On common stock 56,550 56,550 Total dividends $69,850 $69,850 Retained earnings, December 31 $4,355,075 $3,584,925 Marshall Inc. 20Y1 Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 20Y2 Sales $5,321,700 Cost of goods sold 1,817,700 Gross profit $3,504,000 Selling expenses $1,234,240 Administrative expenses 1,051,390 Total operating expenses $2,285,630 Income from operations $1,218,370 Other revenue 64,130 $4,903,100 1,672,280 $3,230,820 $1,510,250 886,980 $2,397,230 $833,590 53,210 Other expense (interest) $1,282,500 328,000 $886,800 180,800 $706,000 Income before income tax $954,500 Income tax expense 114,500 84,700 Net income $840,000 $621,300 Marshall Inc. Comparative Balance Sheet December 31, 2012 and 2041 2012 Assets 20Y1 Current assets Cash Marketable securities $875,720 1,451,200 861,400 Accounts receivable (net) Inventories $884,170 1,338,210 912,500 686,200 167,281 $3,988,361 2,463,282 525,600 175,140 Prepaid expenses Total current assets Long-term investments Property, plant, and equipment (net) Total assets $3,889,060 1,168,440 4,920,000 4,428,000 $11,371,643 $9,485,500 Liabilities Current liabilities $1,286,568 $2,010,575 Long-term liabilities: $0 Mortgage note payable, 8% Bonds payable, 8% $1,840,000 2,260,000 2,260,000 Total current assets Long-term investments $3,988,361 2,463,282 4,920,000 $11,371,643 $3,889,060 1,168,440 4,428,000 $9,485,500 Property, plant, and equipment (net) Total assets Liabilities $1,286,568 $2,010,575 $0 Current liabilities Long-term liabilities: Mortgage note payable, 8% Bonds payable, 8% Total long-term liabilities Total liabilities $1,840,000 2,260,000 $4,100,000 2,260,000 $2,260,000 $5,386,568 $4,270,575 $760,000 870,000 Stockholders' Equity Preferred $0.70 stock, $40 par Common stock, $10 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4,355,075 $760,000 870,000 3,584,925 $5,214,925 $9,485,500 $5,985,075 $11,371,643 Required: Determine the following measures for 2012, 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 5. Number of days' sales in receivables days 6. Inventory turnover 7. Number of days' sales in inventory days 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10. Times interest earned 11. Asset turnover 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