Refer to the financial statement data for Patriot Corp. for 2011. Compute

(a) Current ratio

(b) Quick ratio

(c) Long-term debt to shareholders' equity ratio

(d) Interest coverage ratio

Patriot Corp. Balance Sheet As of December 31, 2011

Assets: Cash and Cash Equivalents $ 69,000

Accounts Receivable 126,500

Inventory 92,000

Current Assets 287,500

Equipment 194,063

Less: Accumulated depreciation -38,813

Equipment-Net 155,250

Land 132,250

Total assets: $575,000

Liabilities:

Accounts Payable $ 69,000

Accrued Salaries Payable 51,750

Rent Expense Payable 35,750

Income Tax Payable 4,788

Current Liabilities 161,288

Long-term note payable 172,500

Total Liabilities 333,788

Stockholders' Equity:

Common stock 115,000

Retained earnings 126,212

Total liabilities and stockholders' equity: $575,000

Patriot Corp. Income Statement For the year ended December 31, 2011

Revenues $ 373,750

Cost of goods sold (224,250)

Gross Profit $149,500

Operating Expenses

Depreciation expense (9,062)

Salary expense (56,063)

Insurance Expense (44,850)

Rent Expense (18,688)

Interest Expense (6,120)

Total Operating Expenses (134,783)

Income from Operations 14,717

Income Tax Expense (4415)

Net income $ 10,302

Dividends paid to Common Shareholders $ 3,090

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