View Policies Current Attempt in Progress The financial statements of Larkspur Company appear below: LARKSPUR COMPANY Comparative Balance Sheet December 31, Assets 2020 2019 Cash $26,500 $48,000 Short-term investments 23,500 63,000 Accounts receivable (net) 40,900 31,600 Inventory 61,100 72,000 Property, plant and equipment (net) 270,000 330,000 Total assets $422,000 $544,600 Liabilities and stockholders' equity Accounts payable $6,180 $31,500 Short-term notes payable 41,000 91,500 Bonds payable 90,000 180,000 Common stock 150,000 150,000 Retained earnings 134,820 91,600 innan Nudilicu Cal 15 IJT,UZU ILUUU Total liabilities and stockholders' equity $422,000 $544,600 LARKSPUR COMPANY Income Statement For the Year Ended December 31, 2020 Net sales $410,000 Cost of goods sold 254,200 Gross profit 155,800 Expenses Operating expenses $43,000 Interest expense 18,200 Total expenses 61,200 Income before income taxes 94.600 Income tax expense 28,380 Net income $66,220 Additional information: a. Cash dividends of $23,000 were declared and paid in 2020. a. Cash dividends of $23,000 were declared and paid in 2020. b. Weighted average number of shares of common stock outstanding during 2020 was 30,100 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 Larkspur Company for 2020. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 52.7.) 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 % 7. Days in inventory days 8. Payout ratio % 9. Return on assets %