Please compute the Profitability Ratios for Galloway Corporation. Please show work/figures used for each ratio. Thank you in advance!

	Chapter 14 Class Problem #1
	Here is the Galloway Corporation data for the current year:
	Account	Current year	Prior year
	Cash	$46,200.00	$42,000.00
	A/R	$69,000.00	$60,000.00
	Msde. Inventory	$67,500.00	$50,000.00
	Current liabilities	$46,200.00	$33,000.00
	Long-term liabilities	$26,600.00	$28,000.00
	Common Stock (5,000 shares)	$42,000.00	$35,000.00
	Retained earnings	$67,900.00	$56,000.00
	Net Sales revenue	$625,000.00	$500,000.00
	COGS	$520,000.00	$400,000.00
	Gross Profit	$105,000.00	$100,000.00
	Selling/General expenses	$45,000.00	$50,000.00
	Net Income before taxes	$60,000.00	$50,000.00
	Income tax expense	$16,500.00	$15,000.00
	Net Income	$43,500.00	$35,000.00