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

PLEASE CALCULATE THE RATIOS

CORRIGAN CORPORATION: BALANCE SHEET AS OF DECEMBER 31:

Cash 85,000

Accounts Receivable 430,000

Inventory 794,000

Total Current Assets 1,309,000

Land and Building 508,000

Machinery 120,000

Other Fixed Assets 61,000

Total Assets 1,998,000

=======

Accounts Payable 120,000

Accrued Liabilities 75,000

Notes Payable 473,900

Total Current Liabilities 668,900

Long-term Debt 304,300

Total Liabilities 973,200

Common Stock 620,000

Retained Earnings 404,800

Total Liabilities and Equity 1,998,000

=======

CORRIGAN CORPORATION: INCOME STATEMENT FOR YEAR ENDED DECEMBER 31:

Net Sales 2,540,000

Cost of Goods Sold 1,700,000

Gross Operating Profit 840,000

General, Admin. and Selling Exp. 515,300

Depreciation 212,000

Earnings Before Int. & Taxes 112,700

Interest 53,000

Earnings Before Income Taxes 59,700

Taxes (40%) 23,880

Net Income 35,820

======

____________ 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)