Net Sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) Income tax expense Net income Financial Statement Analysis Assignment Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 $2,163,000 $2,584,000 1,868,200 1,616,800 $ 715,800 $ 546,200 315,200 221,800 24,200 24,200 176,800 106,300 $199,600 $193,900 Cowan Kitchen Counters, Inc. Comparative Balance Sheet Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 Cash Government notes Accounts receivable (net) Merchandise inventory Supplies and prepayments 20-2 $ 255,400 20-1 $ 243,200 250,000 250,000 903,500 797,500 983,600 913,600 143,200 47,500 Land 108,200 108,200 Building (net) 330,000 390,600 Office equipment (net) 17,700 15,000 Total assets $2,991,600 $2,765,600 Current liabilities (accounts payable) $ 703,000 Bonds payable 220,000 Total liabilities $ 923,06 $ 532,000 240,000 $ 772,000 Common stock ($10 par, 180,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $1,800,000 $1,800,000 268,600 193,600 $2,068,600 $1,993,600 $2,991,600 $2,765,600 e the above financial statements to calculate the below following for the year 20-2: a. Quick or acid-test ratio b. Current ratio c. Working capital Use the above financial statements to calculate the below following for the year 20-2: a. Quick or acid-test ratio b. Current ratio c. Working capital d. Accounts receivable turnover e. Merchandise inventory turnover f. Asset turnover g. Profit margin h. Return on assets i. Return on Equity j. k. Debt-to-equity ratio Times interest earned ration (Bond interest is $24,200)