The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales $1,814,500 $1,750,100 Cost of goods sold 1,012,800 976,000 Gross profit 801,700 774,100 Selling and administrative expenses 517,800 478,400 Income from operations 283,900 295,700 Other expenses and losses Interest expense 18,400 13,400 Income before income taxes 265,500 282,300 Income tax expense 81,400 76,500 Net income $ 184,100 $ 205,800 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash $59,200 $64,400 Short-term investments 69,000 49,300 Accounts receivable (net) 117,200 102,900 Inventory 122,500 115,300 Total current assets 367,900 331,900 Plant assets (net) 600,800 517,100 Total assets $968,700 $849,000 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $160,500 $144,700 Income taxes payable 42,200 42,600 Total current liabilities 202,700 187,300 Bonds payable 196,800 196,800 Total liabilities 399,500 384,100 Stockholders’ equity Common stock ($5 par) 278,000 297,400 Retained earnings 291,200 167,500 Total stockholders’ equity 569,200 464,900 Total liabilities and stockholders’ equity $968,700 $849,000 All sales were on account. Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 52,100.)