The accounting staff of CCB Enterprises has completed the financial statements for the 2012 calendar year. The statement of income for the current year and the comparative statements of financial position for 2012 and 2011 follow.
CCB Enterprises
Statement of Income
For the Year Ended December 31, 2012
(thousands omitted)
Revenue:
Net sales...............................................................................$800,000
Other........................................................................................60,000
Total revenue .............................................................860,000
Expenses:
Cost of goods sold................................................$540,000
Research and development..........................................25,000
Selling and administrative..........................................155,000
Interest.................................................................20,000
Total expenses.............................................$740,000
Income before income taxes.............................................$120,000
Income taxes...................................................................48,000
Net income..................................................................$ 72,000

Required
1. Calculate the following financial ratios for 2012 for CCB Enterprises:
a. Times interest earned
b. Return on total assets
c. Return on common stockholders' equity
d. Debt-to-equity ratio (at December 31, 2012)
e. Current ratio (at December 31, 2012)
f. Quick (acid-test) ratio (at December 31, 2012)
g. Accounts receivable turnover ratio (Assume that all sales are on credit.)
h. Number of days' sales in receivables
i. Inventory turnover ratio (Assume that all purchases are on credit.)
j. Number of days' sales in inventory
k. Number of days in cash operating cycle
2. Prepare a few brief comments on the overall financial health of CCB Enterprises. For each comment, indicate any information that is not provided in the problem that you would need to fully evaluate the company's financial health.

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CCB Enterprises Comparative Statements of Financial Position December 31, 2012 and 2011 (thousands omitted) 2012 2011 Assets Current assets: Cash and short-term investments Receivables, less allowance for doubtful accounts S 26,000 21,000 ($1,100 in 2012 and $1,400 in 2011) Inventories, at lower of FIFO cost or market Prepaid items and other current assets 50,000 62,000 3,000 $144,000 $136,000 48,000 65,000 5,000 Total current assets Other assets Investments, at cost Deposits $106,000 $106,000 8,000 $116,000 $114,000 10,000 Total other assets Property, plant, and equipment Land Buildings and equipment, less accumulated depreciation $ 12,000 S12,000 ($126,000 in 2012 and $122,000 in 2011) Total property, plant, and equipment 268,000 248,000 $280,000 $260,000 $540,000 $510,000 Total assets 2012 2011 Liabilities and Owners' Equity Current liabilities Short-term loans Accounts payable Salaries, wages, and other $ 22,000 $ 24,000 71,000 27,000 $120,000 $122,000 $160,000 $171,000 $280,000 $293,000 72,000 26,000 Total current liabilities Long-term debt Total liabilities Owners' equity: Common stock, at par Paid-in capital in excess of par $ 44,000 S 42,000 61,000 $108,000 $103,000 152,000 114,000 $260,000 $217,000 $540,000 $510,000 64,000 Total paidin capital Retained earnings Total owners' equity Total liabilities and owners' equity