The Stair Company sells computer parts through a retail store that it operates. The firm's comparative income statement and balance sheet for the years 2019 and 2018 are shown below.

THE STAIR COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2018
	Amounts
	2019		2018
Revenue
Sales	1,020,000		813,600
Less Sales Returns and Allowances	20,000		13,600
Net Sales	1,000,000		800,000
Cost of Goods Sold
Merchandise Inventory, January 1	100,000		97,600
Net Purchases	344,500		278,400
Total Merchandise Available for Sale	444,500		376,000
Less Merchandise Inventory, December 31	102,000		100,000
Cost of Goods Sold	342,500		276,000
Gross Profit on Sales	657,500		524,000
Operating Expenses
Selling Expenses
Sales Salaries Expenses	97,000		88,000
Payroll Tax ExpenseSelling	10,000		9,600
Other Selling Expenses	36,000		25,600
Total Selling Expenses	143,000		123,200
General and Administrative Expenses
Officers' Salaries Expense	156,000		118,400
Payroll Tax ExpenseAdministrative	16,000		11,200
Depreciation Expense	8,000		8,000
Other General and Administrative Expenses	16,000		11,200
Total General and Administrative Expenses	196,000		148,800
Total Operating Expenses	339,000		272,000
Net Income before Income Taxes	318,500		252,000
Income Tax Expense	95,550		75,600
Net Income after Income Taxes	222,950		176,400

THE STAIR COMPANY Comparative Balance Sheet December 31, 2019 and 2018
	Amounts
			2019			2018
Assets
Current Assets
Cash			127,600			62,000
Accounts Receivable			113,700			104,000
Merchandise Inventory			102,000			100,000
Prepaid Expenses			11,200			7,000
Supplies			2,100			1,000
Total Current Assets			356,600			274,000
Property, Plant, and Equipment
Land			92,000			92,000
Building and Equipment			98,000			98,000
Less Accumulated Depreciation			(32,000	)		(24,000	)
Net Book ValueBuilding and Equipment			66,000			74,000
Total Property, Plant, and Equipment			158,000			166,000
Total Assets			514,600			440,000
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable			45,700			74,000
Sales Tax Payable			2,700			7,000
Payroll Taxes Payable			2,800			2,500
Income Taxes Payable			2,700			7,000
Total Current Liabilities			53,900			90,500
Long-Term Liabilities
Mortgage Payable			57,700			62,000
Total Long-Term Liabilities			57,700			62,000
Total Liabilities			111,600			152,500
Stockholders' Equity
Common Stock ($1 par, 10,000 shares authorized; 10,000 shares issued and outstanding)			10,000			10,000
Paid-in CapitalCommon Stock			10,000			10,000
Retained Earnings			383,000			267,500
Total Stockholders' Equity			403,000			287,500
Total Liabilities and Stockholders' Equity			514,600			440,000

Assume all sales are credit sales. Part I

1. Calculate the current ratio for 2018 and 2019.
2. Calculate the acid-test ratio for 2018 and 2019.
3. Calculate the inventory turnover for 2018 and 2019.
4. Calculate the return on sales for 2018 and 2019.
5. Calculate the earnings per share of common stock for 2018 and 2019.
6. Calculate the book value per share of common stock for 2018 and 2019.
7. Calculate the return on total assets for 2018 and 2019.
8. Calculate the ratio of stockholders equity to total equities for 2018 and 2019.
9. Calculate the rate of return on stockholders equity for 2018 and 2019.
10. Calculate the asset turnover for 2018 and 2019.