answered Marked out of 15.00 P Flag question Joe's Fish Hut Balance Sheet As at February 28 2018 2017 ASSETS Current Assets Cash $156,299 $64,400 Accounts receivable $21,300 $11,800 Merchandise Inventory $23,800 $25,600 Total Current Assets $201,399 $101,800 Property, plant & equipment $135,000 $174,000 Less: Accumulated depreciation S-27,500 $-23,900 TOTAL ASSETS $308,899 $251,900 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $26,600 $34,100 Notes Payable-Current Portion $9,000 $9,000 Total Current Liabilities $35,600 $43,100 Notes Payable-Noncurrent Portion $75,000 $59,000 TOTAL LIABILITIES $110,600 $102,100 Stockholders' Equity Stockholders' Equity Common stock $84,000 $51,900 Retained earnings $114,299 $97,900 TOTAL STOCKHOLDERS' EQUITY $198,299 $149,800 TOTAL LIABILITIES AND EQUITY $308,899 $251,900 Joe's Fish Hut Income Statement For the Year Ended February 28, 2018 Sales $128,000 COGS $86,300 Gross Profit $41,700 Operating Expenses Insurance Expense $1,480 Rent Expense $5,440 Salaries Expense $4,140 Telephone Expense $790 Interest Expense $1,020 Depreciation Expense $3,600 Total Operating Expenses $16,470 Operating Profit Before Tax $25,230 Income Tax Expense $8,831 Net Profit (Loss) $16,399 Complete the following ratio analysis. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the gross profit margin for the 2018. Gross Profit Margin: b) Calculate the times interest earned ratio for 2018. Times Interest Earned: times c) Calculate the net profit margin for 2018. Net Profit Margin: d) Calculate the return on equity for 2018. Return on Equity e) Calculate the return on assets for 2018 Return on Assets: f) Calculate the asset turnover ratio for 2018. Asset turnover: times 9) Calculate the current ratio for 2018. Current Ratio: h) Calculate the quick ratio for 2018. Quick Ratio 1) Calculate the debt to equity ratio for 2018. Debt to Equity Ratio: i) Calculate the days sales outstanding ratio for 2018. Assume all sales are credit sales. Days sales outstanding: days k) Calculate the accounts receivable turnover for 2018. Assume all sales are credit sales Accounts Receivable turnover: times 1) Calculate the days' sales in inventory ratio for 2018. Days' Sales in Inventory: days m) Calculate the inventory turnover for 2018 Inventory turnover times