The financial statements of Kingbird Company appeal KINGBIRD COMPANY Comparative Balance Sheet December 31, Assets 2020 2019 Cash $23,000 $47,000 Short-term investments 24,500 66,000 Accounts receivable (net) 40,300 31,400 Inventory 61,600 70,200 Property, plant and equipment (net) 260,000 310,000 Total assets $409,400 $524,600 Liabilities and stockholders' equity Accounts payable $15,300 $31,300 Short-term notes payable 40,000 93,000 Liabilities and stockholders' equity Accounts payable $15,300 $31,300 Short-term notes payable 40,000 93,000 Bonds payable 81,000 162,000 Common stock 150,000 150,000 Retained earnings 123,100 88,300 Total liabilities and stockholders' equity $409,400 $524,600 KINGBIRD COMPANY Income Statement For the Year Ended December 31, 2020 Net sales Cost of goods sold Gross profit $410,000 266,500 143.500 KINGBIRD COMPANY Income Statement For the Year Ended December 31, 2020 Net sales Cost of goods sold Gross profit $410,000 266,500 143,500 Expenses Operating expenses $40,800 Interest expense 18,700 Total expenses 59,500 Income before income taxes 84,000 Income tax expense Net income 25,200 $58,800 Additional information: a. Cash dividends of $24,000 were declared and paid in 2020. b. Weighted average number of shares of common stock outstanding during 2020 was 29.400 shares. C Market value of common stock on December 31, 2020, was $22 per share. Using the financial statements and additional information, compute the following ratios for Kingbird Company for 2020. (Use 365 days for calculation. Round answers to 1 decimal place, eg. 52.7.) 1. Current ratio 2. Return on common stockholders' equity :1 3. Price-earnings ratio 4. Accounts receivable turnover times times 1. Current ratio :1 2. Return on common stockholders' equity % 3. Price-earnings ratio times 4. Accounts receivable turnover times 5. Times interest earned times 6. Profit margin days 7. Days in inventory 8. Payout ratio 96 9. Return on assets