WAHLBERG COMPANY Income Statements For the Years Ended December 31 2019 2018 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,890,540 $1,750,500 1,058,540 1,006,000 744,500 479,000 265,500 832,000 500,000 32,000 20,000 245,500 73,000 S 218,000S 172,500 22,000 310,000 92,000 Interest expense Income before income taxes Income tax expense Net income WAHLBERG COMPANY Balance Sheets December 31 2019 Assets Current assets 50S2018 $ 60,100 64,200 Cash Debt investments (short-term Accounts receivable Inventory 74,00050,000 117,800102,800 26,000115,500 77,900 332,500 649,000520.300 1,026,900$852,800 Total current assets Plant assets (net) Total assets Liabilities and Stockholden KawittO Equity2019 2018 Current liabilities s 160,000 $145.400 43,50042,000 203,500187,400 220,000 200,000 423,500387,400 Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity 290,000300,000 313400 165,400 603,400 465,400 Total liabilities and stockholders' equity S1,026,900 $852,800 Common stock (S5 par) Retained carnings Total stockholders' equity All sales were on account. Net cash provided by operating activities for 2019 was $220,000. Capital expenditures were $136,000, and cash dividends were $70,000 Instructions Compute the following ratios for 2019. (a) Earnings per share. (b) Returm on common stockholders' equity (c) Return on assets. (d) Current ratio. (e) Accounts receivable turnover (1) Average collection period. (g) Inventory turnover (Ch) Days in inventory (i) Times interest earned. 6) Asset turnover (k) Debt to assets ratio. (1) Free cash flow