Ratios Compared with Industry Averages Because you own the common stock of Phantom Corporation, a paper manufacturer, you decide to analyze the firm's performance for the most recent year. The following data are taken from the firm's latest annual report: Quick assets Inventory and prepaid expenses Other assets Dec. 31, 2013 Dec. 31, 2012 $630,000 $582,000 402,000 342,000 4,788,000 4,176,000 Total Assets $5,820,000 $5,100,000 Current liabilities $654,000 $570,000 10% Bonds payable 1,470,000 1,470,000 8% Preferred stock, $100 par value 480,000 480,000 Common stock, $10 par value 2,700,000 2,160,000 Retained earnings 516,000 Total Liabilities and Stockholders' Equity $5,820,000 420,000 $5,100,000 For 2013, net sales amount to $13,280,000, net income is $594,600, and preferred stock dividends paid are $41,400. Required Calculate the following ratios for 2013. Round answers to two decimal places. 1. Return on sales 4.48 % 2. Return on assets 10.89 % 3. Return on common stockholders' equity 20.52 % 4. Quick ratio 0.96 5. Current ratio 1.58 6. Debt-to-equity ratio 66.04 x