Balance Sheet and Income Statement of XYZ Balance Sheet Cash $ 500,000 Accounts Receivable 2,000,000 Inventories 1,000,000 Current Assets 3,500,000 Net Fixed Assets 4,500,000 Total Assets $ 8,000,000 Accounts Payable $ 1,100,000 Accrued Expenses 600,000 Short-term notes payable 300,000 Current liabilities $ 2,000,000 Long-term debt 2,000,000 Owner's Equity 4,000,000 Total liabilities and owner's equity $ 8,000,000 Income Statement Net sales (all credit) $ 8,000,000 Cost of goods sold (3,300,000). Gross Profit $ 4,700,000 Operating Expenses (includes $500 depreciation) 3,000,000 Operating Income $ 1,700,000 Interest expense (367,000). Earnings before taxes $ 1,333,000 Income Taxes (40%) (533,000). Net Income $800,000 Operating Expenses (includes $500 depreciation) 3,000,000 Operating Income $ 1,700,000 Interest expense (367,000). Earnings before taxes $ 1,333,000 Income Taxes (40%).(533,000). Net Income $800,000 Calculate ratios a. Current ratio b. Debt ratio c. Times interest earned d. Average collection period e. Inventory turnover f. Fixed assets turnover g. Total asset turnover h. Gross profit margin i. Operating profit margin j. Operating return on assets k. Return on equity