ACC 2020 - compute the following ratios for ABC Co. for 2014

The financial statements of ABC Co. appear below:

ABC Co. Comparative Balance Sheet December 31, 2014

ASSETS	2014	2013
Cash	$25,000	$40,000
Marketable Securities	20,000	60,000
Accounts Receivable (net)	40,000	30,000
Inventory	150,000	170,000
Property, Plant and Equipment (net)	170,000	200,000
Total assets	$405,000	$500,000

Liabilities and Stockholders’ equity
Accounts Payable	$25,000	$30,000
Short Term Notes Payable	40,000	90,000
Bonds Payable	75,000	160,000
Common Stock	175,000	145,000
Retained Earnings	90,000	75,000
Total Liabilities and Stockholders’ Equity	$405,000	$500,000

ABC Co. Income Statement For the Year Ended December 31, 2014

Net Sales		$360,000
Cost of Goods Sold		184,000
Gross Profit		176,000

Expenses
Interest Expense	21,000
Selling Expense	30,000
Administrative Expense	20,000
Total Expenses		71,000
Income before income taxes		105,000
Income tax expense		30,000
Net income		$75,000