ORDINARY COMPANY Income Statement For the Year Ended December 31, 2020 Net sales (all on credit) ....... $360,000 Cost of goods sold 184,000 Gross profit ........ 176,000 Expenses Interest expense .... $11,000 Selling expenses 30,000 Administrative expenses ..... 20,000 Total expenses ..... 61,000 Income before income taxes 115,000 Income tax expense 35,000 Net income ..... $ 80,000 Additional information: a Cash dividends of $50,000 were declared and paid on common stock in 2020. b. Weighted-average number of shares of common stock outstanding during 2020 was 64,000 shares. C. Market value of common stock on December 31, 2020, was $15 per share. d. Net cash provided by operating activities for 2020 was $70,000. Required: Using the financial statements and additional information, compute the following ratios for the Ordinary Company for 2020. Show all computations. 1. Current ratio (2 mark) 2. Return on common stockholders' equity (2 mark) 3. Price-earnings ratio (2 mark) 4 Inventory turnover ratio (2 mark) 5 . Receivables turnover (2 mark) 6. Times interest earned (2 mark) 7. Profit margin ratio (2 mark) 8. Average days in inventory (2 mark) Payout ratio (2 mark) 10. Return on assets (2 mark)