AgBiz Corporation Income or Profit/Loss Statement for YEAR 1: Revenues from Sales (Total Sales): $1,465,000 Cost of Goods Sold: $1,129,000 Gross Margin: $ 336,000 Less: Operating Expenses: Salaries/Wages $ 140,000 Office Expenses $ 8,400 Utilities & Fuel $ 44,600 Promotion $ 92,000 Total Operating Expenses: $285,000 Income Before Taxes (Pre-Tax Income): $ 51,000 AgBiz Corporation Balance Sheet at the End of YEAR 1: Current Assets: $174,000 Cash $ 17,000 $ 30,000 $127.000 Accounts Receivable Inventory Other Assets: Land $250,000 $255,000 Buildings Equipment $235,000 $740,000 Other Assets: Total Assets: $1,020,000 $ 89,950 $ 53,000 $ 36,950 Current Liabilities: Accounts Payable Notes Payable Long-term Liabilities: Notes Payable Bonds Payable Total Liabilities: $320,050 $220,050 $100,000 $410,000 Owner's Equity or Total Net Worth: $610,000 Total Liabilities and Owner's Equity: $1,020,000 Calculate the inventory turnover ratio and convert it to days. Calculate the accounts receivable turnover (assume 30% of sales are on credit) and covert it to days. If the accounts receivable are due in 30 days, is this accounts receivable turnover good or bad? Accounts payabletter converted to days assume 20% of your chese on Credit use Cost of Goods Sold Operating Expenses for numeraton Accounts payable turnover converted to days lassume 20% of your purchases are on credit (use Cost of Goods Sold Operating Expenses for numerator) Calculate the return on equity. (this answer is a percentage) Calculate the return on investment. (answer will be a percentage) Calculate the return on sales, (answer will be a percentage)