Use the following current year financial statements for Precision Manufacturing to perform ratio analysis. Precision Manufacturing Income Statement Revenue 8,200,000 Cost of goods sold

Use the following current year financial statements for Precision Manufacturing to perform ratio analysis.
Precision Manufacturing Income Statement      
Revenue                                                       8,200,000
Cost of goods sold                                        5,100,000
Gross profit                                                  3,100,000
Operating expenses                                      2,500,000

Operating income (EBIT)                                  600,000
Interest expense                                              390,000
Earnings before taxes                                       210,000
Taxes (at 40%)                                                  84,000
Net income                                                      126,000
Precision Manufacturing Balance Sheet   
Current assets                                                           

Cash                                                                125,000           
Accounts receivable                                           900,000
Inventory                                                           575,000
Total current assets                                         1,600,000

Non-current assets
Fixed assets                                                    5,500,000
Accumulated depreciation                                (1,100,000)
Net fixed assets                                               4,400,000  

Total assets                                                   $6,000,000       

Current liabilities
Accounts payable                                             $945,000
Accrued liabilities                                               855,000
Total current liabilities                                       1,800,000 

Non-current liabilities
Bonds payable                                                 2,600,000

Total liabilities                                                  4,400,000

Shareholders’ equity
Common stock                                                   140,000 
Retained earnings                                             1,460,000 
Total shareholders’ equity                                  1,600,000 
Total liabilities and shareholders’ equity             $6,000,000

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