Problem 14-2A The comparative statements of Painter Tool Company are presented below PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales $1,812,400 $1,745,900 Cost of goods sold 1,005,600 982,000 Gross profit 763,900 806,800 Selling and administrative expenses 518,600 479,200 Income from operations 288,200 284,700 Other expenses and losses 18,500 Interest expense 14,600 Income before income taxes 269,700 270,100 80,600 76,600 Income tax expense $189,100 $ 193,500 Net income PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash $60,700 $64,300 Short-term investments 70,400 49,100 Accounts receivable (net) 116,800 101,000 Inventory 122,900 115,100 Total current assets 370,800 329,500 Plant assets (net) 600,400 519,700 $971,200 Total assets $849,200 Liabilities and Stockholders' Equity Current liabilities $144,000 42,900 Accounts payable $159,500 Income taxes payable 43,500 Total current liabilities 203,000 186,900 Bonds payable 204,000 204,000 Total liabilities 407,000 390,900 Stockholders' equity Common stock ($5 par) 281,600 301,300 Retained earnings 282,600 157,000 Total stockholders' equity 564,200 458,300 Total liabilities and stockholders' equity $971,200 $849,200 All sales were on account. Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 51,800.) (Round Earnings per share, Current ratio and Acid-test ratio to 2 decimal places, eg. 1.65 or 1.65:1, and all other answers to 1 decimal place, eg. 6.8 or 6.8%.) (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets (d) Current ratio (e) Acid-test ratio (f) Accounts receivable turnover times (g) Inventory turnover times (h) Times interest earned times () Asset turnover times (i) Debt to assets ratio