Precision Tool 2012 Income Statement Net sales $36,408 Less: Cost of goods sold 28,225 Less: Depreciation 1,760 Earnings before interest and taxes 6,423 Less: Interest paid 510 Taxable income $5,913 Less: Taxes 2.070 Net income $3.843 Finance Chapters 1-3 Test 1 Precision Tool 2011 and 2012 Balance Sheets 2011 2012 2011 2012 Cash $2,060 $1,003 Accounts payable $7,250 $8,384 Accounts rec. 3,411 4,218 Long-term debt 9,800 11,500 18.776 21.908 Inventory Total Common stock 15,000 17,500 $24,247 $27,129 Retained earning 6.357 3.825 Net fixed assets 14.160 14.080 Total assets $38.407 $41.202 Total liab & equity $38.407 $41.209 a. current ratio b. quick Ratio c. Cash Ratio d. Total Asset Turnover e. Inventory Turnover f. Receivable turnover g. Total debt Ratio h. Debt equity ratio i. Times Interest earned Ratio j. Cash Coverage Ratio k. Profit margin 1. return on assets m. return on equity