Use the following financial statements to answer questions 12-24. Assets Cash and short-term investments Accounts receivable (net) Inventory Property, plant and equipment Total Assets 12/31/2003 $ 50,000 20,000 25.000 210.000 $305,000 12/31/2004 $ 30,000 30,000 15,000 210.000 $285,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Stockholders' equity-common Total Liabilities and stockholders' equity $ 80,000 85,000 140.000 $305.000 $ 40,000 85,000 160,000 $285,000 Income Statement for the Year ended 12/31/04 Sales Cost of goods sold Gross margin Operating expenses Net income $105.000 45.000 60.000 40.000 $ 20.000 10.000 $20 .90 Average Number of shares of common stock Market price of common stock Dividends per share Cash flow from operations Interest expense Income tax expense Use average balance sheet accounts, when needed. $30,000 $2,000 $1,000 12. What is the current ratio on 12/31/04? a 1.42 b. 1.88 C. .75 d. .60 13. What is the debt to total assets ratio on 12/31/04? a. 54.10% b. 29.82% 43.86% d. 34.68% 14. What is the inventory turnover during 2004? a 2 times b. 2.25 times c 1 time d 44 time 15. What is the return on assets during 2004? a. 7.8% b. 10.5% C 11.7% d. 26.7% 16. What is the gross profit margin for 2004? a 33.3% b. 44.4% C 19.1% d 57.14% 17. What is the return on common stockholders' equity for 2004? a 13.3% b 5% C12.5% d. 53.3% 18. What is the price to earnings ratio on 12/31/04? a. 6 times b. 2 times C. 10 times d. 22.2 times 19. What is the dividends payout ratio on 12/31/04? a. $.55 b. S. 15 C$.45 d. $.90 20. What is the cash ratio for 2004? a 1.42 b 1.88 C 75 d. 60 21. What is the working capital for 2004? a $35,000 b. $15,000 $25 000 d. $45.000 22. What is the earning per share (EPS) on 12/31/04? a. $3 b. $4 C. $2 d. $6 23. What is the times interest earned ratio on 12/31/04? a. 1.51 times b. 5.11 times 1.15 times d. 11.5 times C 24. What is the cash flow from operation to total debt ratio on 12/31/04? a. 24 b. 75 C. 35 d. 375