The comparative statements of Painter Tool Company are presented below.

All sales were on account.

Instructions

Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 57,000.)

(a) Earnings per share.

(b) Return on common stockholders’ equity.

(c) Return on assets.

(d) Current ratio.

(e) Acid-test ratio.

(f) Accounts receivable turnover.

(g) Inventory turnover.

(h) Times interest earned.

(i) Asset turnover.

(j) Debt to assets ratio.

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PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales $1,818,500 $1,750,500 Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense 1,011,500 996,000 807,000 754,500 479,000 499,000 308,000 275,500 18,000 14,000 Income before income taxes 290,000 87,000 261,500 77,000 Income tax expense Net income $ 203,000 $ 184,500