The accounting staff of CCB Enterprises has completed the financial statements for the 2017 calendar year. The statement of income for the current year and the comparative statements of financial position for 2017 and 2016 follow.

CCB Enterprises

Statement of Income

For the Year Ended December 31, 2017

(thousands omitted)

Revenue:

Net sales........................................................ $800,000

Other ...............................................................60,000

Total revenue ................................................$860,000

Expenses:

Cost of goods sold ............................................$540,000

Research and development .....................................25,000

Selling and administrative .....................................155,000

Interest ............................................................20,000

Total expenses ..............................................$740,000

Income before income taxes ...................................$120,000

Income taxes .......................................................48,000

Net income .....................................................$ 72,000

Required
1. Calculate the following financial ratios for 2017 for CCB Enterprises:
a. Times interest earned
b. Return on total assets
c. Return on common stockholders' equity
d. Debt-to-equity ratio (at December 31, 2017)
e. Current ratio (at December 31, 2017)
f. Quick (acid-test) ratio (at December 31, 2017)
g. Accounts receivable turnover ratio (Assume that all sales are on credit.)
h. Number of days' sales in receivables
i. Inventory turnover ratio (Assume that all purchases are on credit.)
j. Number of days' sales in inventory
k. Number of days in cash operating cycle
2. Prepare a few brief comments on the overall financial health of CCB Enterprises. For each comment, indicate any information that is not provided in the problem that you would need to fully evaluate the company's financial health.

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CCB Enterprises Comparative Statements of Financial Position December 31, 2017 and 2016 (thousands omitted) 2017 2016 Assets Current assets: Cash and short-term investments Receivables, less allowance for doubtful accounts ($1,100 in $ 26,000 21,000 2017 and $1,400 in 2016) Inventories, at lower of FIFO cost or market Prepaid items and other curent assets 50,000 62,000 3,000 $144,000 $136,000 48,000 65,000 5,000 Total current assets Other assets: Inve stments, at cost Deposits $106,000 $106,000 8,000 $116,000 $114,000 10,000 Total other assets Property, plant, and equipment: Land 12,000 12,000 Buildings and equipment, less accumulated depre ciation ($126,000 in 2017 and $122,000 in 2016) Total property, plant, and equipment 248,000 $280,000 $260,000 $540,000 $510,000 268,000 Total assets Liabilities and Owners' Equity Current liabilities: Short-term loans Accounts payable Salaries, wages, and other $ 22,000 24,000 71,000 27,000 $120,000 $122,000 $160,000 $171,000 $280,000 $293,000 72,000 26,000 Total current liabilities Long-tem debt Total liabilities Owners'equity Common stock, at par Paid-in capital in excess of par $ 44,000 42,000 61,000 $108,000 $103,000 152,000114,000 $260,000 $217,000 $540,000 $510,000 64,000 Total paidin capital Retained earnings Total owners' equity Total liabilities and owners' equity