Q1. La Rue Company reported the following data: INCOME STATEMENT 2017 Sales* $279,355 Cost of goods sold 167,400 Gross margin 111,955 Operating expenses: Sales and marketing expense 31,750 General and administrative expense 49,687 Research and development expense 15,000 Other operating expense 7,882 Total operating expenses 104 319 Operating income 7.636 Interest expense 3,580 Income tax expense 1,419 Net income (loss) $2,637 All sales are on account. BALANCE SHEET 2017 2016 Assets Current assets: Cash $11,837 $7,200 Accounts receivable, net 15,600 16,800 Inventory 38.000 31,000 Total current assets 65,437 55,000 Property, plant and equipment, net 195,000 168,000 Other long-term assets 15.000 27,100 Total assets $275.437 $250,100 Liabilities Current liabilities: Accounts payable $8,500 $7,300 Other current liabilities 1,400 3.900 Total current liabilities 9,900 11,200 Long-term notes pavable 54,000 30,000 Total liabilities $ 63.900 $41 200 Shareholders' Equity Preferred shares (1,000 outstanding) $30,000 $30,000 Common shares (20,000 outstanding Dec. 31, 2017 ) 100,000 80,000 Contributed surplus 31,000 31,000Retained earnings 50.537 67,900 Total shareholders' equity $211,537 $208,900 Total liabilities and shareholders' equity $275.437 $250,100 Other information: 1. The market price of the company's shares on December 31, 2017 was $0.62 2. A $2 per share dividend was paid on the preferred shares. 3. 4,000 common shares were issued on July 1, 2017. 4. An $18,000 dividend was paid on the common shares on November 15, 2017 Determine the results for the following ratios for 2017: 1. Current ratio 2. Inventory turnover 3. Quick ratio 4. Accounts-receivable turnover 5. Debt ratio 6. Times-interest-earned ratio 7. Earnings per share 8. Price/earnings ratio for common shares