Question 6 The comparative statements of Corbin Company are presented below. 2016 $519,000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales (all on account) $599,600 Expenses Cost of goods sold 414,300 Selling and administrative 119,300 Interest expense 8,900 Income tax expense 18,700 Total expenses 561,200 Net income $ 38,400 353,000 114,500 5,700 14,600 487,800 $ 31,200 2016 CORBIN COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $ 21,300 Short-term investments 18,000 Accounts receivable (net) 86,900 Inventory 89,500 $ 18,100 15,500 73,700 69,500 CORBIN COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity $ 21,300 18,000 86,900 89,500 215,700 422,300 $638,000 $ 18,100 15,500 73,700 69,500 176,800 383,800 $560,600 Current liabilities $122,800 22,600 145,400 $110,800 19,700 130,500 Accounts payable Income taxes payable Total current liabilities Long-term liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings 119,900 265,300 79,600 210,100 148,000 224,700 148,000 202,500 PRINTER VERSION SACK Common stock (55 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 148,000 224,700 372,700 5638,000 148,000 202,500 350,500 $560,600 Additional data The common stock recently sold at $20.43 per share. Compute the following ratios for 2017. (Round Acid-test ratio and Earnings per share to 2 decimal places, c.9.1.65, and all other answers to 1 decimal place, c.9. 6.8 or 6.8%.) 1 (a) Current ratio (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover times times (e) Profit margin () Asset turnover times (9) Return on assets (h) Return on common stockholders' equity. es (i) Earnings per share. Price prinos ratin times Compute the following ratios for 2017. (Round Acid est ratio and Earnings per share to 2 decimal places, eg. 1.65, and all other answers to 1 decimal place, as.. or 6.8%.) (a) Current ratio (b) Acid-test ratio 1 (c) Accounts receivable turnover. times times (d) Inventory turnover (e) Profit margin (6) Asset turnover (g) Return on assets. ch) Return on common stockholders' equity times (1) Earnings per share. Price-carnings ratio times (k) Payout ratio M (1) Debt to assets ratio times (m) Times interest earned