Revenues: SILVER LINING LIMITED Income Statement For the Year Ended December 31, 2009 Consulting services revenue $ 64,000 Expenses: Office supplies expense Rent expense Insurance expense Profit before Interest and Taxes Salaries expense Interest expense Profit before taxes Income taxes expense Profit for the year $ 700 Depreciation expense: office equipment 9,000 3,825 1,100 29,000 43,625 20,375 420 44,045 $ 19,955 7,500 $ 12.455 SILVER LINING LIMITED Balance Sheet December 31, 2009 Assets Cash Accounts receivable Inventory $ 29,025 3,500 15,000 Office equipment $ 54,000 Less: Accumulated Depreciation: Office equipment 36,000 18,000 TOTAL ASSETS $ 65,525 Liabilities Accounts payable Note payable (Due 3/1/10) Income taxes payable Unearned consulting services revenue Salaries payable Interest payable TOTAL LIABILITIES $ 1,400 9,000 2,350 1,000 1,900 420 $ 16,070 Shareholders' Equity Share capital Retained earnings TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Compute the following (round to one decimal place): 1. Current ratio 2. Quick ratio 5 Return on assets 6 Return on equity $ 30,000 19,455 $ 49,455 $ 65,525 Price 2 88 3. Working capital 4. Debt ratio 7. EPS 8.P.E ratio 9. Number of times inventory turned over during the year and the average number of days required to turn over inventory (round computation to the nearest day). 10. Number of times accounts receivable turned over during the year and the average number of days required to collect accounts receivable (round computation to the nearest day).