The comparative statements of Painter Tool Company PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 Net sales $1,818,500 Cost of goods sold 1,011,500 Gross profit 807,000 Selling and administrative expenses 499,000 Income from operations 308,000 Other expenses and losses Interest expense 18,000 Income before income taxes 290,000 Income tax expense 87,000 Net income $ 203,000 2016 $1,750,500 996,000 754,500 479,000 275,500 14,000 261,500 77,000 $ 184,500 2016 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $ 60,100 Short-term investments 69,000 Accounts receivable (net) 107,800 Inventory 133,000 Total current assets 369,900 Plant assets (net) 600,300 Total assets $970,200 $ 64,200 50,000 102,800 115,500 332,500 520,300 $852,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $160,000 43,500 203,500 200,000 403,500 $145,400 42,000 187.400 200,000 387,400 280,000 286,700 566,700 $970,200 300,000 165,400 465,400 $852,800 All sales were on account. Instructions Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 57,000.) (a) Earnings per share. (1) Accounts receivable turnover. (b) Return on common stockholders' equity. (g) Inventory turnover. (c) Return on assets. (h) Times interest earned. (d) Current ratio. (i) Asset turnover. (e) Acid-test ratio. (i) Debt to assets ratio