(Computing ratios) Use the information from the balance sheet and income statement ... , to calculate the following ratios:

a. Current ratio

b. Acid-test ratio

c. Times interest earned

d. Inventory turnover

e. Total asset turnover

f. Operating profit margin

g. Days in receivables

h. Operating return on assets

i. Debt ratio

j. Return on equity

k. Fixed asset turnover

Income statement & Balance sheet Information:

Balance Sheet

ASSETS

Cash $93,000

Accounts receivable 40,000

Inventory 48,000

Prepaid expenses 18,000

Total current assets $199,000

Gross plant and equipment 405,000

Accumulated depreciation (68,000)

Total assets $536,000

LIABILITIES AND OWNERS' EQUITY

Accounts payable $95,000

Accrued liabilities 67,000

Total current liabilities $162,000

Long-term debt 120,000

Common stock 210,000

Retained earnings 44,000

Total liabilities and equity $536,000

Income Statement

Sales* $210,000

Cost of goods sold (86,000)

Gross profit $124,000

Selling, general, and administrative expenses (31,000)

Depreciation expenses (27,000)

Operating profits $66,000

Interest expense (7,000)

Earnings before taxes $59,000

Taxes (12,390)

Net income $46,610

* 12% of sales are cash sales.