X ACCA 205 CASH FLOW AND RATIO AN... 2. The following information is taken from the books of Flintrock Corporation. Flintrock Corporation Comparative Balance Sheet December 31 Assets 07 2008 20 120,000 110,00 Cash 0 Accounts receivable (net) 95,000 Inventory 0 Property, plant and equipment (net) 750,000 Total assets 1,245,000 135,000 270,000 240,00 800.000 1,275,000 Liabilities and Stockholders' Equity 208,000 12,000 160,000 Accounts Payable 152,000 Accrued Liabilities 16,000 Bonds Payable, 10 percent 160,000 Common Stock, $10 par 500,000 500,000 Retained Earnings 451.000 Total liabilities and stockholders' equity 1,275,000 1,245,000 361,000 X ACCA 205 CASH FLOW AND RATIO AN... Flintrock Corporation Income Statement For the Year Ended December 31, 2008 1,200,000 Net Sales Cost of Goods Sold 700.000 Gross Margin 500,000 Operating Expenses: Depreciation Interest Others 340,000 Income Before Income Taxes 160,000 Income Taxes 40,000 Net Income 120,000 70,000 10,000 260.000 Note: Dividends of S0.60 per share were declared and paid during 2008. The market price of the stock on December 31, 2008 was $18.00 per share. Compute the following ratios for the year 2008. Round your answers to two decimal places. Show your workings. a. Current ratio b. Receivable Turnover c. Inventory Turnover d. Asset Turnover e. Average days' Inventory f. Interest Coverage Ratio on hand Return on Equity h. Pricelearnings ratio [ 16 points)