Saved Check my work mode : This shows what Is correct or Incorrect for SOLOMON COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 Year 4 Year 3 Revenues Sales (net) $370,600 $350, 080 other revenues 10 , 800 7, 800 Total revenues 380, 808 357, 300 Expenses Cost of goods sold 185, 080 145, 000 Selling, general, and administrative 69, 060 64, 008 Interest expense 12, 208 11, 480 Income tax expense 93 , 608 92 , 080 Total expenses 359, 208 312, 408 Net earnings (net income) 21, 608 45 , 400 Retained earnings, January 1 122, 508 85, 806 Less: Preferred stock dividends 3 , 608 3 , 508 Common stock dividends 4 , 368 4, 300 Retained earnings, December 31 $136, 208 $122, 500 Required Calculate the following ratios for Year 4 and Year 3. a. Working capital. . Current ratio. (Round your answers to 2 decimal places.) c. Quick ratio. (Round your answers to 2 decimal places.) d. Receivables turnover (beginning receivables at January 1, Year 3, were $48,000). (Round your answers to 2 decimal places.) e. Average days to collect accounts receivable. (Use 365 days in a year. Round your Intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) f. Inventory turnover (beginning inventory at January 1. Year 3, was $154.000). (Round your answers to 2 decimal places.) 9. Number of days to sell inventory. (Use 365 days in a year. Round your Intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) h. Debt-to-assets ratio. (Round your answers to the nearest whole percent.) 1. Debt-to-equity ratio. (Round your answers to 2 decimal places.) J. Number of times interest was earned. (Round your answers to 2 decimal places.) k. Plant assets to long-term debt. (Round your answers to 2 decimal places.) 1. Net margin. (Round your answers to 2 decimal places.) m. Turnover of assets (average total assets In Year 3 is $552,400). (Round your answers to 2 decimal places. . Return on investment (average total assets in Year 3 is $552 400). (Round your answers to 2 decimal places.) o. Return on equity (average stockholders' equity in Year 3 is $127.500). (Round your answers to 2 decimal places.) p. Earnings per share (total shares outstanding is unchanged). (Round your answers to 2 decimal places.) q. Book value per share of common stock. (Round your answers to 2 decimal places.) r. Price-earnings ratio (market price per share: Year 3. $12 45: Year 4. $13 90) (Round your Intermediate calculations and final answer to 2 decimal places.) s. Dividend yield on common stock. (Round your answers to 2 decimal places.)Check my work mode : This shows what Is correct or In Financial statements for Solomon Company follow. SOLOMON COMPANY Balance Sheets s of December 31 Year 4 Year 3 Assets current assets Cash $ 23,000 $ 19,060 Marketable securities 21 , 400 7, 400 Accounts receivable (net) 55, 060 47,000 Inventories 140, 000 148, 090 Prepaid items 29, 080 14, 000 Total current assets 268, 400 235, 400 Investments 32, 000 25,000 Plant (net) 280, 006 265, 000 Land 000'ZE 27,000 Total assets $612, 400 $552, 406 Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable $ 35, 400 $ 13,900 Accounts payable 88, 808 75,000 Salaries payable 23, 000 17, 008 Total current liabilities 147, 206 105,900 Noncurrent liabilities Bonds payable 120, 060 120,060 other 29, 000 24, 000 Total noncurrent liabilities 149, 060 144, 080 Total liabilities 296, 200 249, 906 Stockholders' equity Preferred stock, (par value $10, 4% cumulative, non-participating; 9,060 shares authorized and issued) 90, 006 90;000 Common stock (no par; 50,000 shares authorized; 10,000 shares issued) 90, 060 90, 090 Retained earnings 136, 208 122, 500 Total stockholders' equity 316, 200 302, 500 Total liabilities and stockholders equity $612, 408 $552, 400 SOLOMON COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 Year 4 Year 3 Revenues Sales (net) $370, 060 $350, 060 Other revenues 10, 390 Total revenues 380 , 808 357, 860 Expenses cost of goods sold 185 , 090 145, 006 Selling, general, and administrative 800 69 64, 600