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E18-11 Scully Corporation’s comparative balance sheets are presented below

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E18-11 Scully Corporation’s comparative balance sheets are presented below.

SCULLY CORPORATION
Balance Sheets
December 31

2010 2009
Cash $ 4,300 $ 3,700
Accounts receivable 21,200 23,400
Inventory 10,000 7,000
Land 20,000 26,000
Building 70,000 70,000
Accumulated depreciation (15,000) (10,000)
Total $110,500 $120,100
Accounts payable $ 12,370 $ 31,100
Common stock 75,000 69,000
Retained earnings 23,130 20,000
Total $110,500 $120,100

Scully’s 2010 income statement included net sales of $100,000, cost of goods sold of $60,000, and
net income of $15,000.

Instructions

Compute the following ratios for 2010.
(a) Current ratio.
(b) Acid-test ratio.
(c) Receivables turnover.
(d) Inventory turnover.
(e) Profit margin.
(f) Asset turnover.
(g) Return on assets.
(h) Return on common stockholders’ equity.
(i) Debt to total assets ratio

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