Problem 14-6A

The comparative statements of Corbin Company are presented below.

quest2936610ent quest2936610 asnmt1856595 take-question a Problem 14-6A The comparative statements of Corbin Company are presented below. CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales (all on account) Expenses Cost of goods sold Selling and administrative Interest expense Income tax expense Total expenses Net income 2016 $600,500 $520,800 414,600 353,300 119,900 7,800 113,000 6,300 17,900 14,200 560,200 486,800 $ 40,300 $ 34,000 CORBIN COMPANY Balance Sheets December 31 Assets Current assets Cash Short-term investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets 2017 2016 $ 20,800 $ 17,100 18,600 86,400 14,300 73,400 89,900 69,100 215,700 173,900 422,000 383,800 $637,700 $557,700 $122,800 22,100 $109,800 20,300 144,900 130,100 119,600 79,600 264,500 209,700 145,600 145,600 227,600 202,400 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 Additional data: 373,200 348,000 $637,700 $557,700 The common stock recently sold at $18.25 per share. Compute the following ratios for 2017. (Round Acid-test ratio and Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Current ratio. :1 (b) Acid-test ratio. :1 (c) Accounts receivable turnover. times (d) Inventory turnover. times (e) Profit margin. (f) Asset turnover. (g) Return on assets. % (h) Return on common stockholders' equity. % % times $ (i) Earnings per share. (j) Price-earnings ratio. (k) Payout ratio. % (l) Debt to assets ratio. % (m) Times interest earned. times times