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The following financial information is for Pharoah Company PHAROAH COMPANY Balance Sheets December 31 Assets 2017 2016 Cash $ 71,000 $68,000 Debt investments (short-term) 55,000 42.000 Accounts receivable 109,000 90,000 Inventory 237,000 166,000 Prepaid expenses 23,000 23,000 Land 135,000 135,000 Building and equipment (net) 263,000 183,000 Total assets $893,000 $707.000 Liabilities and Stockholders' Equity Notes payable $171,000 $110,000 Accounts payable 65,000 50,000 Accrued abilities 42,000 42.000 Bonds payable, due 2017 250,000 170,000 Common stock, $10 par 202,000 202,000 Retained earnings 163,000 133,000 Total liabilities and stockholders' equity $893,000 $707.000 PHAROAH COMPANY Income Statements For the Years Ended December 31 2017 2016 Sales revenue Gross profit $890,000 $789,000 647.000 574,000 243,000 215,000 192,000 165,000 $51,000 $50,000 Operating expenses Net income Additional information: 1. Inventory at the beginning of 2016 was $116,000. 2. Accounts receivable (net) at the beginning of 2016 were $88,000. 3. Total assets at the beginning of 2016 were $642,000. 4. No common stock transactions occurred during 2016 or 2017. 5. All sales were on account. Compute the liquidity and profitability ratios of Pharoah Company for 2016 and 2017. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%. If % change is a decrease show the numbers as negative, e.g.-1.83% or (1.83%).) 2016 2017 % Change LIQUIDITY Current ratio Accounts receivables turnover times times Inventory times t imes turnover 2016 2017 % Change PROFITABILITY Profit margin Asset turnover times times Return on assets Earnings per share e Textbook and Media Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2017, and (2) as of December 31, 2018, after giving effect to the situation. Net income for 2018 was $54,000. Total assets on December 31, 2018, were $877,000. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%. If % change is a decrease show the numbers as negative, e.g. -1.83% or (1.83%).) Situation 1. 19,000 shares of common stock were sold at par on July 1, 2018. Ratio Return on common stockholders' equity Debt to assets ratio 2. All of the notes payable were paid in 2018. 3. The market price of common stock was $9 and $13 on December 31, 2017 and 2018. respectively. Price-earnings ratio 2017 2018 % Change Return on common stockholders' equity % Debt to assets ratio Price earnings ratio times times