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Prepare various ratios.
Following are selected data from the comparative income statement and balance sheet for Deerfield Corporation for the years ended December 31, 20X8 and 20X7:
Selected Data
20X8
20X7
Net sales (all on credit)
$97,600
$93,000
Cost of goods sold
53,500
52,500
Gross profit
44,700
40,500
Income from operations
16,300
15,000
Interest expense
3,100
3,500
Net income
9,800
9,000
Cash
7,700
7,500
Accounts receivable, net
10,700
12,500
Inventory
20,000
26,000
Prepaid expenses
1,000
900
Total current assets
39,400
46,900
Total long-term assets
50,000
67,000
Total current liabilities
32,000
44,500
Total long-term liabilities
11,000
39,800
Common stock, no par
*10,000
10,000
Retained earnings
25,400
19,600
*NOTE: 2000 shares of common stock have been issued and outstanding since the company started operations.During the entire fiscal year ended December 31, 20X8, the stock was selling for $45 per share.
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