Twenty metrics of liquidity, Solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 2078. AUTOMOTIVE SOLUTIONS INC. Comparative Income Statement For the Years Ended December 31, 2018 and 2017 2018 2017 Sales Cost of goods sold 510,000,000 (5,350,000) $4,650,000 +9,400,000 (4,950,000) Gross profit 34,450,000 Selling expenses Administrative expenses Total operating expenses $ 12,000,000) (1,500,000) $ (3,500,000) (1,880,000) (1,410,000) $63,290,000) $1,150,000 $1,160,000 Operating income Other revenue and expense Other revenue 150,000 140,000 (150,000) Other expense interest) Income before income tax (170,000) $1,130,000 (230,000) $1,150,000 (225.000) Income tax expense Net Income $.900,000 $925,000 AUTOMOTIVE SOLUTIONS INC Comparative statement of Stockholders' Equity For the Years Ended December 31, 2016 and 2017 2015 2017 Preferred Common Retained Preferred Common Stock Stock Earnings Stock Stock $500.000 $500.000 55.000 3500.000 $500.000 Retained Earnings Balancesa $4,545.000 Preferred Common Common Retained Earnings Preferred Stock Retained Earnings Stock Stock Stock Balances, Jan. 1 $500,000 $500,000 $5,375,000 $500,000 $500,000 $4,545,000 Net income 900,000 925,000 Dividends: Preferred stock (45,000) (45,000) Common stock (50,000) (50,000) Balances, Dec. 31 $500,000 $500,000 $6,180,000 $500,000 $500,000 $5,375,000 AUTOMOTIVE SOLUTIONS INC. Comparative Balance Sheet December 31, 2018 and 2017 Dec 31, 2018 Dec. 31, 2017 Assets Ourrent assets Cash $ 500,000 $ 400,000 Marketable securities 1,010,000 1,000,000 Accounts receivable (net) 740,000 510,000 Inventories 1,190,000 950,000 Prepaid expenses 250,000 229,000 Total current assets $3,690,000 $3,089,000 Long-term investments 2,350,000 2,300,000 Property, plant, and equipment (net) 3,740,000 3,366,000 Total assets $9,780,000 $8,755,000 Liabilities Current liabilities $ 900,000 $ 880,000 Current assets: Cash $ 500,000 $ 400,000 Marketable securities 1,010,000 1,000,000 Accounts receivable (net) 740,000 510,000 Inventories 1,190,000 950,000 Prepaid expenses 250,000 229,000 Total current assets $3,690,000 $3,089,000 Long-term investments 2,350,000 2,300,000 Property, plant, and equipment (net) 3,366,000 3,740,000 $9,780,000 Total assets $8,755,000 Liabilities Current liabilities $ 900,000 $ 880,000 Long-term liabilities: Mortgage note payable, -10% $ 200,000 $0 Bonds payable, 10% 1,500,000 1,500,000 $1,500,000 Total long-term liabilities $1,700,000 Total liabilities $2,600,000 $2,380,000 Stockholders' Equity Preferred $0.90 stock, $10 par Common stock, $5 par $ 500,000 $ 500,000 500,000 500,000 Retained earnings 6,180,000 5,375,500 Total stockholders' equity $7,180,000 $6,375,000 Total liabilities and stockholders' equity $9,780,000 $8,755,000 Instructions: Determine the following measures for 2018. Current assets: Cash $ 500,000 $ 400,000 Marketable securities 1,010,000 1,000,000 Accounts receivable (net) 740,000 510,000 Inventories 1,190,000 950,000 Prepaid expenses 250,000 229,000 Total current assets $3,690,000 $3,089,000 Long-term investments 2,350,000 2,300,000 Property, plant, and equipment (net) 3,366,000 3,740,000 $9,780,000 Total assets $8,755,000 Liabilities Current liabilities $ 900,000 $ 880,000 Long-term liabilities: Mortgage note payable, -10% $ 200,000 $0 Bonds payable, 10% 1,500,000 1,500,000 $1,500,000 Total long-term liabilities $1,700,000 Total liabilities $2,600,000 $2,380,000 Stockholders' Equity Preferred $0.90 stock, $10 par Common stock, $5 par $ 500,000 $ 500,000 500,000 500,000 Retained earnings 6,180,000 5,375,500 Total stockholders' equity $7,180,000 $6,375,000 Total liabilities and stockholders' equity $9,780,000 $8,755,000 Instructions: Determine the following measures for 2018. 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