Apply Excel (Part 2) Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Cash Accounts receivable Inventory Long-term assets Total assets Current Previous $ 70,000 $ 60,000 40,000 45,000 100,000 80,000 229,000 155,000 $439,000 $340,000 Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total llabilities and stockholders' equity Current Previous $ 80,000 $ 70,888 120,000 110,000 200,000 180,000 239,000 160,000 $439,000 $340,000 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Net income Current $400,000 225,000 60,000 12,000 24,000 79,000 Required: Required: 1. Use your spreadsheet to recalculate the ratios and enter your results here: (Round your answers to 2 decimal places.) Ratio Receivables tumover ratio Average collection period Inventory turnover ratio Average days in inventory Current ratio Acid-test ratio Debt to equity ratio Timos interest earned ratio times days times days to 1 to 1 % times