Presented below is information related to Lakeland Inc.

Instructions
(a) Compute the following ratios or relationships of Lakeland Inc. Assume that the ending account balances are representative unless the information provided indicates differently.
(1) Current ratio.
(2) Inventory turnover.
(3) Receivables turnover.
(4) Earnings per share.
(5) Profit margin on sales.
(6) Rate of return on assets on December 31, 2014.
(b) Indicate for each of the following transactions whether the transaction would improve, weaken, or have no effect on the current ratio of Lakeland Inc. at December 31, 2014.
(1) Write off an uncollectible account receivable, $6,800.
(2) Repurchase capital stock for cash.
(3) Pay $46,000 on notes payable (short-term).
(4) Collect $70,000 on accounts receivable.
(5) Buy equipment on account.
(6) Give an existing creditor a short-term note in settlement ofaccount.

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LAKELAND INC. BALANCE SHEET DECEMBER 31, 2014 $ 8,000 Notes payable (short-term) $92,000 163,000 18,000 72,000 298,000 Cash Receivables $175,000 Accounts payable Less: Allowance 20,000 155,000 Accrued liabilities Capital stock (par $1) Inventories Prepaid insurance Land Equipment (net) 271,000 6,000 Retained earnings 50,000 153,000 $643,000 $643,000 LAKELAND INC INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales $2,800,000 Cost of goods sold Inventory, Jan. 1, 2012 Purchases Cost of goods available for sale Inventory, Dec. 31, 2012 Cost of goods sold $ 200,000 2,031,000 2,231,000 271,000 Gross profit on sales Operating expenses Net income 1,960,000 840,000 506,000 $334,000