Requirement #11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios. Current Ratio= 4 18,060+2,200+200= 20,460 5,050+65=5,115 20,460/ 5,115= 4 Leverage Ratio= 0 0/26, 140=0 Asset Turnover Ratio= 0.94 5,350/5,680=0.94 Net Profit Margin Ratios= 0.38 2,025/5,350= 0.38 Rate of Return on Total Assets Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Income Statement For the Month Ending March 31 toward's Flight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 Howard's Flight Radio Management Corporation Balance Sheet March 31 Assets: Revenues: FMS Repair Revenue Total Revenue $5.350 Cash 5,350 Retained Earnings, March 1 Add: Net Income Subtotal Less : Dividends Retained Earnings, March 31 $0 2.025 2,025 11.000) $1,025 Prepaid Insurance Repair Supplies Repair Equipment Less: Accum. Depr. Total Assets $18,060 2,200 200 5,800 (120) $26,140 Expenses: Store Rent Expenso Telephone Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Taxes Expense Electric Expense Total Expenses 1,900 340 200 450 120 65 250 Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxos Payable Total Liabilities $5,050 65 5,115 3,325 Net Income 2,025 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity 20,000 1,125 20,000 Total Liabilities & Stockholders' Equity $26,140