Ratio analysis. (LO3). Hudson Coffee Shops reported the following for the two most recent fiscal years:

Calculate the following for the year ended December 31, 2010:
1. Current ratio
2. Accounts receivable turnover ratio
3. Inventory turnover ratio
4. Return on assets
5. Return onequity

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December 31 Cash Receivables (net) Merchandise inventory Fixed assets Total assets Accounts payable Long-term notes payable Common stock Retained earnings Total liabilities and shareholders' equity Net income for the year ended 12/31/10 Sales (all sales were on account) Cost of goods sold Interest expense 2010 2009 34,000 17,000 80,000 48,000 324,000 $558 000 $469,000 83,000 112,000 144,000 130,000 $558,000 $469,000 85,000 74,000 365,000 65,000 82,000 176,000 235,000 115,000 620,000 284,000 3,000