Selected year- end financial statements of Cadet Corporation follow. ( All sales were on credit; selected balance sheet amounts at December 31, 2008 (prior year – you will need this to calculate certain averages), were inventory, $ 56,900; total assets, $ 219,400; common stock, $ 85,000; and retained earnings, $ 52,348.) CADET CORPORATION Income Statement For Year Ended December 31, 2009 Sales . . . . . . . . . . . . . . . . . . . $ 456,600 Cost of goods sold . . . . . . . . 297,450 Gross profit . . . . . . . . . . . . . 159,150 Operating expenses . . . . . . . . 99,400 Interest expense . . . . . . . . . . 3,900 Income before taxes . . . . . . . 55,850 Income taxes . . . . . . . . . . . . . 22,499 Net income . . . . . . . . . . . . . . $ 33,351 CADET CORPORATION Balance Sheet December 31, 2009 Assets Liabilities and Equity Cash . . . . . . . . . . . . . . . . . . . . . . $ 20,000 Accounts payable . . . . . . . . . . . .. . $ 21,500 Short- term investments . . . . . . . . . 8,200 Accrued wages payable . . . . . . . . . . 4,400 Accounts receivable, net . . . . . . . . 29,400 Income taxes payable . . . . . . . . . . . . 3,700 Notes receivable ( trade)* . . . . . . . . 7,000 Long- term note payable …… . 67,400 Inventory . . . . . . . . . . 34,150 Prepaid expenses . . . . . . . . . . . . . . 2,700 Common stock . . . . . . . . . .. . . 85,000 Plant assets, net . . . . . . . . . . . . . . . 147,300 Retained earnings . . . . . . . . . . . . . . 66,750 Total assets . . . . . . . . . . . . . . . . . . 248,750 Total liabilities and equity . . . . . . $ 248,750 On the next page, compute the following: ( 1) current ratio, ( 2) acid- test ratio, ( 3) days’ sales uncollected, ( 4) inventory turnover, ( 5) days’ sales in inventory, ( 6) debt- to- equity ratio, ( 7) times interest earned, ( 8) profit margin ratio, ( 9) total asset turnover, ( 10) return on total assets, and ( 11) return on common stockholders’ equity. (12 points).