Problem - Scully Corporation's comparative balance sheets are presented below.

SCULLY CORPORATION Balance Sheets December 31

              2008   2007

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

                                      2008   2007

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 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.