Heritage Corporation's income statement and balance sheets are presented below.Heritage Antiquing ServicesComparative Balance Sheet(dollars in thousands)AssetsCurrent assets:Cash.....Accounts receivable, netInventory.........Prepaid expensesTotal current assetsProperty and equipment:Land..…....Buildings and equipment, netTotal property and equipmentTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableAccrued payablesNotes payable, short termTotal current liabilities.Long-term liabilities:Bonds payableTotal liabilities.Stockholders' equity:Preferred stock.Common stockAdditional paid-in capitalTotal paid-in capital.Retained earnings.Total stockholders' equityTotal liabilities and stockholders' equitySales...Cost of goods soldGross marginSelling and administrative expenses:Selling expenses..Administrative expensesTotal selling and administrative expensesNet operating incomeInterest expenseNet income before taxesIncome taxes.Net income.Dividends to preferred stockholdersNet income remaining forcommon stockholders........Dividends to common stockholdersNet income added to retained earningsRetained earnings, beginning of yearRetained earnings, end of yearInstructions:Heritage Antiquing ServicesComparative Income Statement and Reconciliation(dollars in thousands)Compute the following ratios.(a) Current ratio.(b) Accounts receivable turnover.(c) Acid-test ratio.(d) Inventory turnover(e) Profit margin.(f) Asset turnover equity.(g) Return on assets.(h) Debt to assets ratio.This Year(i) Times interest earned.(j) Return on common stockholders' equity.$ 1,0809,00012,00060022,6809,00036,80045,800$68,480$18,50090019,4008,00027,4001,0002,0004,0007,00034,08041,080$68,480This Year$66,00043,00023,00011,5007,40018,9004,1008003,3001,3201,980601,9204501,47032,610$34,080Last Year$1,2106,50010,60050018,8109,00038,00047,000$65,810$17,40070010018,2008,00026,2001,0002,0004,0007,00032,61039,610$65,810Last Year$64,00042,00022,00011,0007,00018,0004,0008003,2001,2801,9204001,5204501,07031,540$32,610DHPage 1 of 1.

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Heritage Corporation's income statement and balance sheets are presented below. Heritage Antiquing Services Comparative Balance Sheet (dollars in thousands) Assets Current assets: Cash..... Accounts receivable, net Inventory......... Prepaid expenses Total current assets Property and equipment: Land ....... Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued payables Notes payable, short term Total current liabilities. Long-term liabilities: Bonds payable Total liabilities. Stockholders' equity: Preferred stock. Common stock Additional paid-in capital Total paid-in capital. Retained earnings. Total stockholders' equity Total liabilities and stockholders' equity Sales... Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses .. Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes. Net income . Instructions: ......... Dividends to preferred stockholders Net income remaining for common stockholders........ Dividends to common stockholders Net income added to retained earnings Retained earnings, beginning of year Retained earnings, end of year Heritage Antiquing Services Comparative Income Statement and Reconciliation (dollars in thousands) Compute the following ratios. (a) Current ratio. (b) Accounts receivable turnover. (c) Acid-test ratio. (d) Inventory turnover (e) Profit margin. (f) Asset turnover equity. (g) Return on assets. (h) Debt to assets ratio. This Year (i) Times interest earned. (j) Return on common stockholders' equity. $ 1,080 9,000 12,000 600 22,680 9,000 36,800 45,800 $68,480 $18,500 900 19,400 8,000 27,400 1,000 2,000 4,000 7,000 34,080 41,080 $68,480 This Year $66,000 43,000 23,000 11,500 7,400 18,900 4,100 800 3,300 1,320 1,980 60 1,920 450 1,470 32,610 $34,080 Last Year $1,210 6,500 10,600 500 18,810 9,000 38,000 47,000 $65,810 $17,400 700 100 18,200 8,000 26,200 1,000 2,000 4,000 7,000 32,610 39,610 $65,810 Last Year $64,000 42,000 22,000 11,000 7,000 18,000 4,000 800 3,200 1,280 1,920 400 1,520 450 1,070 31,540 $32,610 DH Page 1 of 1.