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The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $58 on December 31,

The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $58 on December 31, 20Y8.

AUTOMOTIVE SOLUTIONS INC. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7
20Y8 20Y7
Sales $4,555,200 $4,196,890
Cost of goods sold (1,503,070) (1,382,820)
Gross profit $3,052,130 $2,814,070
Selling expenses $(1,095,960) $(1,321,370)
Administrative expenses (933,590) (776,040)
Total operating expenses (2,029,550) (2,097,410)
Operating income $1,022,580 $716,660
Other revenue and expense:
Other income 53,820 45,740
Other expense (interest) (280,000) (154,400)
Income before income tax $796,400 $608,000
Income tax expense (95,600) (73,300)
Net income $700,800 $534,700

AUTOMOTIVE SOLUTIONS INC. Comparative Statement of Stockholders Equity For the Years Ended December 31, 20Y8 and 20Y7
20Y8 20Y7
Preferred Stock Common Stock Retained Earnings Preferred Stock Common Stock Retained Earnings
Balances, Jan. 1 $650,000 $740,000 $3,088,200 $650,000 $740,000 $2,610,700
Net income 700,800 534,700
Dividends:
Preferred stock (9,100) (9,100)
Common stock (48,100) (48,100)
Balances, Dec. 31 $650,000 $740,000 $3,731,800 $650,000 $740,000 $3,088,200

AUTOMOTIVE SOLUTIONS INC. Comparative Balance Sheet December 31, 20Y8 and 20Y7
Dec. 31, 20Y8 Dec. 31, 20Y7
Assets
Current assets:
Cash $890,810 $656,290
Temporary investments 1,348,260 1,087,550
Accounts receivable (net) 781,100 737,300
Inventories 584,000 452,600
Prepaid expenses 168,538 131,260
Total current assets $3,772,708 $3,065,000
Long-term investments 2,108,712 945,598
Property, plant, and equipment (net) 3,850,000 3,465,000
Total assets $9,731,420 $7,475,598
Liabilities
Current liabilities $1,109,620 $1,067,398
Long-term liabilities:
Mortgage note payable, 8%, due in 15 years $1,570,000 $0
Bonds payable, 8%, due in 20 years 1,930,000 1,930,000
Total long-term liabilities $3,500,000 $1,930,000
Total liabilities $4,609,620 $2,997,398
Stockholders' Equity
Preferred $0.70 stock, $50 par $650,000 $650,000
Common stock, $10 par 740,000 740,000
Retained earnings 3,731,800 3,088,200
Total stockholders' equity $5,121,800 $4,478,200
Total liabilities and stockholders' equity $9,731,420 $7,475,598

Instructions:

Determine the following measures for 20Y8. Round ratio values to one decimal place and dollar amounts to the nearest cent. For number of days' sales in receivables and number of days' sales in inventory, round intermediate calculations to the nearest whole dollar and final amounts to one decimal place. Assume there are 365 days in the year.

The ask is:

image text in transcribed

4. Accounts receivable turnover 5. Days' sales in receivables days 6. Inventory turnover 7. Days' sales in inventory days 8. Debt ratio 9. Ratio of liabilities to stockholders' equity 10. Ratio of fixed assets to long-term liabilities 11. Times interest earned times 12. Times preferred dividends earned times 13. Asset turnover 14. Return on total assets 15. Return on stockholders' equity 16. Return on common stockholders' equity 17. Earnings per share on common stock 18. Price-earnings ratio 19. Dividends per share of common stock 20. Dividend yield

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