Problem 18-6A 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 414,300 354,200 Selling and administrative 119,000 113,900 Interest expense 7,400 6,500 Income tax expense 17,100 14,500 Total expenses 557,800 489,100 Net income $ 42,700 $ 31,400 CORBIN COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash $ 20,500 $ 17,200 Short-term investments 17,400 14,900 Accounts receivable (net) 86,900 75,000 Inventory 90,200 69,000 Total current assets 215,000 176,100 Plant assets (net) 422,300 382,300 Total assets $637,300 $558,400 Liabilities and Stockholders Equity Current liabilities Accounts payable $122,400 $110,200 Income taxes payable 22,400 19,700 Total current liabilities 144,800 129,900 Long-term liabilities Bonds payable 120,800 79,700 Total liabilities 265,600 209,600 Stockholders equity Common stock ($5 par) 148,800 148,800 Retained earnings 222,900 200,000 Total stockholders equity 371,700 348,800 Total liabilities and stockholders equity $637,300 $558,400 Additional data: The common stock recently sold at $19.32 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. times (g) Return on assets. % (h) Return on common stockholders equity. % (i) Earnings per share. $ (j) Price-earnings ratio. times (k) Payout ratio. % (l) Debt to assets ratio. % (m) Times interest earned. times