The condensed financial statements of Butch & Sundance Company for the years 2007-2008 are presented below: Butch & Sundance Company Comparative Balance Sheets As of December 31, 2008 and 2007 2008 2007 Cash $420,000 $120,000 Receivables (net) 460,000 300,000 Inventories 380,000 340,000 Plant and equipment 1,700,000 1,112,000 Accumulated depreciation (260,000) (192,000) $2,700,000 $1,680,000 Accounts payable $240,000 $160,000 Dividends payable -0- 40,000 Bonds payable 400,000 -0- Common stock ($10 par) 1,520,000 1,200,000 Retained earnings 540,000 280,000 $2,700,000 $1,680,000 Additional data: Market value of stock at 12/31/08 is $80 per share. Butch & Sundance sold 32,000 shares of common stock at par on July 1, 2008. Butch & Sundance Company Condensed Income Statement For the Year Ended December 31, 2008 Sales $2,400,000 Cost of goods sold 1,600,000 Gross profit $800,000 Administrative and selling expense 500,000 Net income $300,000 Instructions: Compute the following financial ratios: a. Current ratio at 12/31/08 b. Acid test ratio at 12/31/08 c. Receivables turnover in 2008 d. Inventory turnover in 2008 e. Profit margin on sales in 2008 f. Earnings per share in 2008 g. Rate of return on common stock equity in 2008 h. Price earnings ratio at 12/31/08 i. Debt to total assets at 12/31/08 j. Book value per share at 12/31/08