The comparative statements of Painter Tool Company are presented below PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 201 2016 $1,816,600 1,010,700 $1,750,100 982,000 768,100 Net sales Cost of goods sold Gross profit 805,900 518,600 287,300 Selling and administrative expenses 475,600 292,500 Income from operations Other expenses and losses Interest expense 13,900 19,000 268,300 278,600 76,900 Income before income taxes Income tax expense 81,300 S 187,000 s 201,700 Net income PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets $60,100 68,100 116,200 123,200 $63,500 Cash Short-term investments 49,900 101,100 Accounts receivable (net) Inventory 114,200 328,700 Total current assets 367,600 Plant assets (net) 597,700 520,800 $965,300 $849,500 Total assets Liabilities and Stockholders' Equity, Current liabilities $145,100 42,900 43,800 Accounts payable Income taxes payable 160,300 Total current liabilities 204,100 188,000 Bonds payable 196,500 196,500 Total liabilities 400,600 384,500 Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity 281,300 283,400 303,400 161,600 564,700 465,000 $965,300 $849,500 Total liabilities and stockholders' equity All sales were on account. Compute the following ratios for 2017, (Weighted-average common shares in 2017 were 57,800.) (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets (d) Current ratio (e) Acid-test ratio (f) Accounts receivable turnover times (9) Inventory turnover times (h) Times interest earned times (i) Asset turnover (i) Debt to assets ratio