Comparative financial statements for The Rose Packing Corporation are shown below.

Additional information:
1. All sales were on account.
2. The allowance for doubtful accounts was $5,500 in 2017 and $4,500 in 2016.
3. In 2017, $23,620 of dividends were paid to the common shareholders.
4. Cash provided by operating activities was $116,780.
5. Cash used by investing activities was $51,660.
Instructions
Calculate all possible liquidity, solvency, and profitability ratios for 2017.
TAKING IT FURTHER
Based on the ratios you have calculated for 2017, can you determine whether Rose Packing's liquidity, solvency, and profitability are strong or weak? If not, what additional information would you require?

THE ROSE PACKING CORPORATION Income Statement Year Ended December 31 2017 2016 Net sales Cost of goods sold Gross proft Operating expenses Profit from operations Interest expense Loss on sale of equipment Profit before income tax Income tax expense Profit $790,000 540,000 250,000 153,880 96,120 3,200 6,720 86,200 12,930 73,270 S624,000 405,600 218,400 149,760 68,640 1,200 6,000 61,440 9,216 52,224 THE ROSE PACKING CORPORATION Balance Sheet December 31 Assets Current assets 2017 2016 $ 44,600 93,800 74,000 212,400 459,600 $672,000 Cash Accounts receivable Inventory 49,380 104,720 96,400 250,500 465,300 $715,800 Total current assets Property, plant, and equipment Total assets Current liabilities Accounts payable Income tax payable Other payables and accruals $164,850 2,500 12,800 180,150 90,000 270,150 $130,000 4,000 22,000 156,000 120,000 276,000 Total current liabilities Bonds payable Total liabilities Shareholders' equity Retained earnings Common shares (15,000 issued) 150,000 295,650 445,650 $715,800 150,000 246,000 396,000 $672,000 Total shareholders' equity Total liabilities and shareholders' equity