Ratio Analysis Byers Company presents the following condensed income statement for 2019 and condensed December 31, 2019, balance sheet: Sales (net) Income Statement $267,000 Less: Cost of goods sold $160,000 Operating expenses 62,000 Interest expense 11,000 Income taxes 10,000 Total expenses Net income (243,000) $24,000 Balance Sheet Cash $10,000 Current liabilities $40,000 Receivables (net) 22,000 Bonds payable, 10% 110,000 Inventory 56,000 Common stock, $10 par 100,000 Long-term investments 30,000 Additional paid-in capital 95,000 Property and equipment (net) 282,000 Retained earnings 55,000 Total Assets $400,000 Total Liabilities and Shareholders' Equity $400,000 Additional information: 1. The company's common stock was outstanding the entire year. 2. Dividends of $1.50 per share on the common stock were declared in 2019. 3. On December 31, 2019, common stock is selling for $20 per share. 4. On January 1, 2019, the accounts receivable (net) balance was $24,000, total assets amounted to $380,000, and total shareholders' equity was $241,000. 5. Of the company's net sales, 78% are on credit. 6. The company operates on a 365-day business year.