Answer & Explanation:Assignment 08BU330 Accounting for ManagersDirections:  Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading.Financial Statement AnalysisThe following information relates to Harris Corporation.AccountCurrent yearPrior yearNet sales (all credit)$520,125$499,500Cost of goods sold$375,960$353,600Gross profit$144,165$145,900Income from operations$ 95,500$ 79,900Interest expense$ 23,500$ 19,500Net income$ 57,600$ 51,600Cash$ 30,600$ 15,900Accounts receivable, net$ 33,800$ 23,200Inventory$ 42,000$ 30,300Prepaid expenses$ 2,000$ 1,500Total current assets$ 108,400$ 70,900Total long-term assets$ 62,000$ 38,000Total current liabilities$ 46,000$ 41,600Total long-term liabilities$ 20,000$ 22,700Common stock, no par,3,000 shares, value $50/share$ 30,000$ 30,000Required:a.  What is the acid-test ratio for the current year?b.  What is the inventory turnover for the current year?c.  What is days’ sales in receivables for the current year?d.  What is the book value per share of common stock for the current year?e.  What is the price-earnings ratio for the current year?f.  What is the rate of return on total assets for the current year?g.  What is the times-interest-earned ratio for the current year?h.  What is the current ratio for the current year?This is the end of Assignment 08.

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