Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.:

WIPER, INC.

Condensed Balance Sheets

December 31, 2017, 2016, 2015

(in millions)

2017 2016 2015

Current assets $ 685 $ 917 $ 773

Other assets 2,417 1,924 1,723

Total assets $ 3,102 $ 2,841 $ 2,496

Current liabilities $ 581 $ 816 $ 714

Long-term liabilities 1,510 995 860

Stockholders equity 1,011 1,030 922

Total liabilities and stockholders' equity $ 3,102 $ 2,841 $ 2,496

WIPER, INC

Selected Income Statement and Other Data

For the year Ended December 31, 2017 and 2016

(in millions)

2017 2016

Income statement data:

Sales $ 3,054 $ 2,917

Operating income 300 314

Interest expense 88 69

Net income 203 198

Other data:

Average number of common shares outstanding 41.7 47.1

Total dividends paid $ 54.0 $ 52.7

Required:

a. Calculate return on investment, based on net income and average total assets, for 2017 and 2016. (Do not round intermediate calculations. Round your answers to 1 decimal place.)

b. Calculate return on equity for 2017 and 2016. (Round your answers to 1 decimal place.)

c. Calculate working capital and the current ratio for each of the past three years. (Enter your answers in millions (i.e., 5,000,000 should be entered as 5). Round "Current ratio" to 1 decimal place.)

d. Calculate earnings per share for 2017 and 2016. (Round your answers to 2 decimal places.)

e. If Wiper's stock had a price/earnings ratio of 11 at the end of 2017, what was the market price of the stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

f. Calculate the cash dividend per share for 2017 and the dividend yield based on the market price calculated in part e. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

g. Calculate the dividend payout ratio for 2017. (Do not round intermediate calculations.)

h. Assume that accounts receivable at December 31, 2017, totaled $313 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round intermediate calculations.)

i. Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2017 and 2016. (Round "Debt ratio" to 1 decimal place and "Debt/equity ratio" to the nearest whole percent.)

j. Calculate the times interest earned ratio for 2017 and 2016. (Round your answers to 1 decimal place.)