SANDHILL CO. Income Statements For the Years Ended December 31 Other expenses and losses \begin{tabular}{lrrr} Interest expense & 23,200 & & 21,200 \\ \cline { 2 - 2 } Income before income taxes & 302,600 & & 238,100 \\ Income tax expense & 93,200 & & 74,200 \\ \hline Net income & $209,400 & & $163,900 \\ & & \end{tabular} SANDHILL CO. Balance Sheets December 31 \begin{tabular}{l|l|l|l|} \hline Assets & 2022 & 2021 \\ \hline \end{tabular} Current assets \begin{tabular}{lrr} Cash & $60,100 & $64,200 \\ Debt investments(short-term) & 74,000 & 50,000 \\ Accounts receivable & 124,000 & 109,000 \\ Inventory & 127,200 & 116,700 \\ \hline Total current assets & 385,300 & 339,900 \\ Plant assets (net) & 664,000 & 535,300 \\ Total assets & $1,049,300 & $875,200 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable 235,000215,000 Total liabilities 445,900 Stockholders' equity Commonstock (\$5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $1.049.300$875.200 (a) Earnings per share (b) Return on common stockholders' equity % (c) Return on assets % (d) Current ratio 1 (e) Accounts receivable turnover times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to assets ratio % (I) Free cash flow $3.61 \begin{tabular}{|l|} \hline 35.22 \\ \hline \end{tabular} % \begin{tabular}{|} \hline 19.96 \\ \hline 1.83 & :1 \\ \hline \end{tabular} \begin{tabular}{r|} \hline 23.86 \\ \hline \end{tabular} days 42.49% 60100 (a) Earnings per share 3.61 (b) Return on common stockholders' equity 35.22 (c) Return on assets 19.96% (d) Current ratio :1 Accounts receivable turnover 16.12 times (f) Average collection period 23.86 days (g) Inventory turnover 8.37 times (h) Days in inventory 41.81 days (i) Times interest earned 14.17 times Asset turnover 21.76 times (i) Times interest earned 14.17 times (j) Asset turnover 21.76 times (k) Debt to assets ratio 42.49% (I) Free cash flow 60100