our story- Snead State Community Colle... Content CengageNOW eBook Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) Liabilities: $1,742,500 Current liabilities Note payable, 6%, due in 15 years Total liabilities Stockholders' equity: Preferred $2 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales $205,000 1,025,000 $1,230,000 $1,230,000 1,230,000 $1,312,000 478,000 $1,790,000 $24,600 125,400 150,000 1,640,000 $4,100,000 $29,103,200 Interest expense $61,500 Assuming that total assets were $5,064,000 at the beginning of the current fiscal year, determine the following. When re a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity Check My Work All work saved. Email Instr Current liabilities Note payable, 6%, due in 15 years Total liabilities Stockholders' equity: Preferred $2 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales $205,000 1,025,000 $1,230,000 $1,230,000 1,230,000 $1,312,000 478,000 $1,790,000 $24,600 125,400 150,000 1,640,000 $4,100,000 $29,103,200 Interest expense $61,500 Assuming that total assets were $5,064,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity f. Return on common stockholders' equity % % Check My Work All work saved. Previous Email Instructor Save and Exit Submit Assign