Using the formulas provided for the exam, and the balance sheet and income statement shown below, calculate the ratios (1 point each):

CORRIGAN CORPORATION: BALANCE SHEET AS OF DECEMBER 31:

Cash 72,000

Accounts Receivable 439,000

Inventory 894,000

Total Current Assets 1,405,000

Land and Building 238,000

Machinery 132,000

Other Fixed Assets 61,000

Total Assets 1,836,000

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Accounts Payable 80,000

Accrued Liabilities 45,010

Notes Payable 476,990

Total Current Liabilities 602,000

Long-term Debt 404,290

Total Liabilities 1,006,290

Common Stock 575,000

Retained Earnings 254,710

Total Liabilities and Equity 1,836,000

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CORRIGAN CORPORATION: INCOME STATEMENT FOR YEAR ENDED DECEMBER 31:

Net Sales 4,240,000

Cost of Goods Sold 3,680,000

Gross Operating Profit 560,000

General, Admin. and Selling Exp. 303,320

Depreciation 159,000

Earnings Before Int. & Taxes 97,680

Interest 67,000

Earnings Before Income Taxes 30,680

Taxes (40%) 12,272

Net Income 18,408

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____________ Current Ratio ____________ Operating Profit Margin

____________ Quick Ratio ____________ Total Debt to Equity

____________ Inventory Turnover ____________ Return on Assets

____________ Average Collection Period ____________ Return on Equity

____________ Total Assets Turnover _____________ Interest Coverage (TIE)