The following items are taken from the financial statements of Grove Company for 2017:

The following items are taken from the financial statements of Grove Company for 2017:

          Accounts payable                                           $18,500

          Accounts receivable                                            8,000

          Accumulated depreciation-equipment             4,800

          Bonds payable                                                  18,000

          Cash                                                                   24,000

          Common stock                                                  25,000

          Cost of goods sold                                            27,000

          Depreciation expense                                         4,800

          Dividends                                                           5,300

          Equipment                                                         44,000

          Interest expense                                                  2,500

          Patents                                                                 7,500

          Retained earnings, January 1                          16,000

          Salaries and wages expense                              5,200

          Sales revenue                                                    50,500

          Supplies                                                               4,500

Instructions

(a) Prepare an income statement and a classified balance sheet for Grove Company.

(b)    Compute the following ratios and values:

1. Current ratio

2. Debt to assets ratio

3. Working capital

4. Earnings per share (Grove's average number of shares outstanding during the year was 5,000.)