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Scully Corporation's comparative balance sheets are presented below.

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Scully Corporation’s comparative balance sheets are presented below. SCULLY CORPORATION Balance Sheets December 31 2008 2007 Cash $ 4,300 $ 3,700 2008 2007 Accounts receivable 21,200 23,400 2008 2007 Inventory 10,000 7,000 2008 2007 Land 20,000 26,000 2008 2007 Building 70,000 70,000 2008 2007 Accumulated depreciation (15,000) (10,000) Total $110,500 $120,100 2008 2007 Accounts payable $12,370 $31,100 2008 2007 Common stock 75,000 69,000 2008 2007 Retained earnings 23,130 20,000 2008 2007 Total $110,500 $120,100 Scully’s 2008 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 2008. (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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Scully Corporation’s comparative balance sheets are presented below. SCULLY CORPORATION
Balance Sheets December 31
2008 2007
Cash $ 4,300 $ 3,700
2008 2007
Accounts receivable 21,200 23,400
2008...

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