Rainbow Paint Co.'s comparative financial statements for the years ending December 31, 2006 and 2005 are as follows. The market price of Rainbow Paint Co.'s common stock was $30 on December 31, 1999 and $25 on December 31, 2006. Rainbow Paint Co. Comparative Income Statement For the Years Ended December 31, 2006 and 2005
2006		2005
Sales	$ 5,125,000		$ 3,257,600
Sales returns and allowances	125,000		57,600
Net sales	$ 5,000,000		$ 3,200,000
Cost of goods sold	3,400,000		2,080,000
Gross profit	$ 1,600,000		$ 1,120,000
Selling expenses	$ 650,000		$ 464,000
Administrative expenses	325,000		224,000
Total operating expenses	$ 975,000		$ 688,000
Income from operations	$ 625,000		$ 432,000
Other income	25,000		19,200
$ 650,000		$ 451,200
Other expense (interest)	105,000		64,000
Income before income tax	$ 545,000		$ 387,200
Income tax expense	300,000		176,000
Net income	$ 245,000		$ 211,200
Rainbow Paint Co. Comparative Retained Earnings Statement For the Years Ended December 31, 2006 and 2005
2006		2005
Retained earnings, January 1	$ 723,000		$ 581,800
Add net income for year	245,000		211,200
Total	$ 968,000		$ 793,000
Deduct dividends:
On preferred stock	$ 40,000		$ 40,000
On common stock	45,000		30,000
Total	$ 85,000		$ 70,000
Retained earnings, December 31 Instructions Determine the following measures for 2006: 1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables 6. Inventory turnover 7. Number of days' sales in inventory 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10.Number of times interest charges earned 11.Number of times preferred dividends earned 12.Ratio of net sales to assets Please show work	$ 883,000		$ 723,000