med (QUX). The motel's balance sheet and condensed income statement are as follows: m/s financial situation, you decide to examine the financial statements for the year just w are the new manager of the Duke Snider Motel. In order to better understand the to 20X4 Problem 15 Duke Snider Motel Balance Sheet December 31, 20X4 Assets $ 95,000 100,000 5,000 200,000 Current Assets: Cash Accounts Receivable Inventories Total Current Assets Property and Equipment: Land Building (net) Furniture & Equipment (net) Total Property and Equipment Total Assets 60,000 300,000 80,000 440,000 $640,000 $210,000 Liabilities and Owners' Equity Current Liabilities Long-Term Liabilities: Note from Owner Mortgage Payable Total Liabilities 40,000 80,000 330,000 Owners' Equity Common Stock Retained Earnings Total Owners' Equity Total Liabilities and Owners' Equity 100,000 210,000 310,000 $640,000 Rec De 288 Chapter 5 Duke Snider Motel Condensed Income Statement For the year ended December 31, 20X4 Sales Cost of Goods Sold Operating Expenses Contribution Margin Undistributed Operating Expenses Gross Operating Profit Interest Other Non-Operating Expenses Income Before Taxes Income Tax Net Income $1,500,000 200,000 800,000 500,000 125,000 375,000 120,000 162,000 93,000 27,900 $ 65,100 Required: Calculate the following ratios: 1. Current ratio 2. Acid-test ratio. 3. Debt-equity ratio 4. Number of times interest earned ratio. 5. Operating efficiency ratio. 6. Profit margin 7. Return on owners' equity (assume that the only change in owners' equity during 20X4 is the net income of $65,100). 8. Return on total assets (assume that total assets were $640,000 on January 1, 20X4)