Question 2 The comparative statements of Skysong Company Limited are presented below. 2016 419,000 SKYSONG COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) 499,000 Expenses Cost of goods sold 315,000 Selling and administrative 119,000 Interest expense 8,800 Income tax expense 20,800 Total expenses 463,600 Net Income 35,400 255,000 115,000 5,900 14,800 390,700 E 28,300 2016 384,000 60,300 75,000 14,300 17,100 166,700 550,700 SKYSONG COMPANY LIMITED Statements of Financial Position December 31 Assets 2017 Plant assets (net) 422,000 Current assets Inventory 80,300 Accounts receivable (net) 85,700 Short-term investments 18,500 Cash 21,600 Total current assets 206,100 Total assets 628,100 Equity and Llabilities Equity Share capital-ordinary (5 par) 152,000 Retained earnings 220,800 Total equity 372,800 Non-current liabilities Bonds payable 121,000 Current liabilities Accounts payable 122,000 Income taxes payable 12,300 Total current liabilities 134,300 Total liabilities 255.300 Total equity and liabilities 628,100 152,000 197,600 349,600 79,700 110,000 11,400 121,400 201,100 550,700 Additional data: The ordinary shares recently sold at 20.00 per share. Compute the following ratios for 2017. (Round acid-test ratio imal places, 1.65, and all other answers to I decimal p o r (a) Current ratio (b) Ad-test ratio () Accounts receivable turnover (d) Inventory turnover (e) Profit margin Asset turnover (9) Return on assets (1) Return on ordinary shareholders Earnings per share 0 Price-earnings ratio (k) Payout ratio (0) Dette total assets (m) Times interest earned gut