The condensed financial statements of Sandhill Company for the years 2020-2021 are presented below: Sandhill Company
Comparative Balance Sheets
As of December 31, 2020 and 2021
2021 2020
Cash $713,000 $109,500
Accounts receivable (net) 546,000 424,000
Inventories 575,000 518,000
Plant and equipment 2,646,000 1,617,000
Accumulated depreciation (389,000 ) (221,000 )
$4,091,000
$2,447,500
Accounts payable $518,000 $221,000
Dividends payable -0- 62,500
Bonds payable 616,000 -0-
Common stock ($10 par) 2,267,000 1,733,000
Retained earnings 690,000 431,000
$4,091,000
$2,447,500

Additional data:
Market value of stock at 12/31/21 is $80 per share.
Sandhill sold 41,000 shares of common stock at par on July 1, 2021.

Sandhill Company
Condensed Income Statement
For the Year Ended December 31, 2021
Sales revenue $3,562,000
Cost of goods sold 2,442,000
Gross profit 1,120,000
Administrative and selling expenses 712,000
Net income $408,000

Compute the following financial ratios by placing the proper amounts for numerators and denominators.