Normal Page Break Page Custom Preview Layout Views Gridlines Headings Zoom 100% Zoom to Selection Window Macros Workbook Views Show Zoom Macros F26 X fx V A B C 1 E F 17 Current Liabilities: Net income before taxes 386,000 18 Accounts payable $ 250,000 $ 225,000 Income taxes 135,100 19 Short-term bank loans 750,000 600,000 Net income $ 250,900 20 Accrued payables 550,000 395,000 21 Other current liabilities 275,000 223,400 Additional information: 22 Total current liabilities 1,825,000 23 Bonds payable, 10% 575,000 24 Total liabilities 2,400,000 1,443,400 Dividend per share paid in current year 400,000 Market price of shares at year end 1,843,400 Par value of common stock per share $ 1.00 42.00 20.00 25 Stockholders' equity: 26 Common stock 1,150,000 27 Retained earnings 1,135,000 28 Total stockholders' equity 29 Total liabilities and stockholders' equity $ 30 31 Required: 32 Compute the following ratios for the current year only: 2,285,000 1,150,000 941,600 2,091,600 Number of shares outstanding 4,685,000 $ 3,935,000 33 Gross margin percentage 34 Current ratio (rounded to two decimal places) 35 Acid-test ratio (rounded to two decimal places) 36 Accounts receivable turnover (rounded to two decimal places) 37 Average collection period (rounded to the nearest whole day) 38 Inventory turnover ratio (rounded to two decimal places) 39 Average sales period (rounded to the nearest whole day)