P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000 Short-term investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets 215.000 177.000 383000 423.000 5560.000 828 18 Financial Statement Analysis 2017 2016 $122.000 23.000 145.000 20,000 130,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Long-term liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 80,000 120,000 265.000 150.000 150.000 220.000 350.000 $638.000 5660.000 Additional data The common stock recently sold at $19.50 per share. Instructions Compute the following ratios for 2017 (a) Current ratio (h) Return on common stockholders equity (b) Acid-test ratio (0) Earnings per share. (c) Accounts receivable tumover 0) Price-carnings ratio (d) Inventory turnover (k) Payout ratio. e) Profit margin. (1) Debt to assets ratio (P) Asset tumor (m) Times interest carmod (g) Return on assets