PLEASE MAKE SURE TO EXPLAIN HOW EACH ANSWER WAS FOUND. THANK YOU

Exercise 14.13 Current Ratio, Debt Ratio, and Earnings per Share (LO14-6, LO14-7)

Selected items from successive annual reports of Middlebrook, Inc., appear as follows:

		2015			2014
Total assets (40% of which are current)	$	423,000		$	361,000
Current liabilities	$	80,000		$	100,000
Bonds payable, 12%		100,000			50,000
Capital stock, $5 par value		100,000			100,000
Retained earnings		143,000			111,000
Total liabilities & stockholders' equity	$	423,000		$	361,000

Dividends of $16,000 were declared and paid in 2015.

a.	Compute the current ratio for 2015 and 2014. (Round your answers to 1 decimal place.)

b.	Compute the debt ratio for 2015 and 2014. (Round your answers to nearest whole percent. i.e. 0.1234 as 12%.)

c.	Compute the earnings per share for 2015. (Round your answer to 2 decimal places.)