1. The following information is available on the Vanier Corporation: BALANCE SHEET AS OF DECEMBER 31,20X6 ( in thousands) Cash and marketable securities $500 Accounts payable $400 Accounts receivable ? Bank loan ? Inventories ? Accruals 200 Current assets ? Current liabilities ? Long-term debt 2,650 Net fixed assets ? Common stock and retained earnings 3,750 Total assets Total liabilities and equity ? $8000 INCOME STATEMENT FOR 20X6 (in thousands) Credit sales Cost of goods sold Gross profit Selling and administrative expenses Interest expense Profit before taxes Taxes (44% rate) Profit after taxes ? ? 400 ? ? OTHER INFORMATION Current ratio Depreciation Net profit margin Total liabilities/shareholders' equity Average collection period Inventory turnover ratio 3 to 1 $500 7% 1 to 1 45 days 3 to 1