Recent financial statements for Madison Company are given below. Account balances at the beginning of the companys fiscal year were accounts receivable, $150,000, and inventory, $415,000. All sales were on account.

MADISON COMPANY Balance Sheet June 30
Assets
Current assets:
Cash				$	30,000
Accounts receivable, net					210,000
Merchandise inventory					425,000
Prepaid expenses					5,000
Total current assets					670,000
Property and equipment, net					880,000
Total assets				$	1,550,000
Liabilities and Shareholders Equity
Liabilities:
Current liabilities				$	250,000
Bonds payable, 10%					300,000
Total liabilities					550,000
Shareholders equity:
Common shares, 20,000	$	100,000
Retained earnings		900,000
Total shareholders equity					1,000,000
Total liabilities and shareholders equity				$	1,550,000

MADISON COMPANY Income Statement For the Year Ended June 30
Sales	$	2,700,000
Cost of goods sold		1,890,000
Gross margin		810,000
Selling and administrative expenses		615,000
Operating income		195,000
Interest expense		30,000
Net income before taxes		165,000
Income taxes		49,500
Net income	$	115,500

Required:

Compute the following financial ratios:

1. Gross margin percentage.

2. Current ratio. (Round your answer to 2 decimal places.)

3. Acid-test ratio. (Round your answer to 2 decimal places.)

4. Average collection period. (Round your answer to 1 decimal place.)

5. Average sale period. (Do not round intermediate calculations and round your final answer to 1 decimal place.)

6. Debt-to-equity ratio. (Round your answer to 2 decimal places.)

7. Times interest earned ratio. (Round your answer to 2 decimal places.)

8. Book value per share.