Problem 14-6A

The comparative statements of Corbin Company are presented below.

CORBIN COMPANY Income Statement For the Years Ended December 31
		2017			2016
Net sales (all on account)		$600,500			$520,500
Expenses
Cost of goods sold		414,000			353,300
Selling and administrative		119,000			114,800
Interest expense		8,500			5,400
Income tax expense		17,600			14,500
Total expenses		559,100			488,000
Net income		$ 41,400			$ 32,500

CORBIN COMPANY Balance Sheets December 31
Assets		2017			2016
Current assets
Cash		$ 21,400			$ 17,500
Short-term investments		18,000			14,100
Accounts receivable (net)		85,500			73,100
Inventory		89,200			69,900
Total current assets		214,100			174,600
Plant assets (net)		423,800			383,500
Total assets		$637,900			$558,100
Liabilities and Stockholders Equity
Current liabilities
Accounts payable		$123,000			$109,400
Income taxes payable		22,100			20,300
Total current liabilities		145,100			129,700
Long-term liabilities
Bonds payable		121,000			80,000
Total liabilities		266,100			209,700
Stockholders equity
Common stock ($5 par)		149,000			149,000
Retained earnings		222,800			199,400
Total stockholders equity		371,800			348,400
Total liabilities and stockholders equity		$637,900			$558,100

Additional data: The common stock recently sold at $19.95 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. (b) Acid-test ratio. (c) Accounts receivable turnover. (d) Inventory turnover. (e) Profit margin (f) Asset turnover. (g) Return on assets (h) Return on common stockholders' equity. (i) Earnings per share. (j) Price-earnings ratio. (k) Payout ratio. (l) Debt to assets ratio (m) Times interest earned times times times times times