Consider the following comparative income statement and additional balance sheet data for Iconic Fashions, Inc.

Additional data follow:

Requirements
1. For 2011 and 2012, compute the five ratios that measure how the business is investing its money and whether it is using its assets efficiently. Round each ratio to two decimal places. Assume all sales on credit.
2. Did the company€™s performance improve or deteriorate during2012?

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Iconic Fashions, Inc. Income Statement Years Ended December 31, 2012 and 2011 2012 2011 Net Sales Cost of Goods Sold Gross Profit Seling and General Expenses Income From Operations Interest Expense Income Before Income Tax Income Tax Expense Net Income 97,000 41,000 56,000 18.000 38,000 $200,000 110,000 90,000 36,500 53,500 17,500 36,000 S 33,500 S 32.00 2012 2011 2010 Accounts receivable Inventory Total current assets.. Fixed assets Total Assets 20,000 22,000 19,000 7,000 6,000 8,000 31,000 32,000 29,000 152,000 48,000 146,000 $183,000 S180,000 $175,000