Retained earnings: Balance, beginning of year $660,000 Net income 314,000 $974,000 Preferred dividends $24,768 Common dividends 123,632 148,400 Balance, end of year 825,600 Total stockholders' equity $2,064,000 Sales $19,922,100 Interest expense $51,540 Assuming that total assets were $2,941,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities 1.4 b. Ratio of liabilities to stockholders' equity C. Asset turnover d. Return on total assets 0.5 7.8 x 8.7 x 15.2 X % 40 x e. Return on stockholders' equity f. Return on common stockholders' equity Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $1,202,600 Liabilities: $173,000 Current liabilities Note payable, 6%, due in 15 years 859,000 Total liabilities $1,032,000 $619,200 619,200 Stockholders' equity: Preferred $4 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net income $660,000 314,000 $974,000 Preferred dividends $24,768 123,632 148,400 Common dividends Balance, end of year Total stockholders' equity 825,600 $2,064,000 Sales $19,922,100 Interest expense $51,540