Balance Sheet December 31, Year 2 and Year 1 Year 2 Year 1 $ 280 $ 100 100 300 200 200 90 120 700 720 $1.370 $1.440 $ 200 50 Assets Cash Accounts receivable Short-term marketable securities.. Inventory ....... Plant and equipment, net ...... Total assets... Liabilities and Stockholders' Equity Accounts payable Wages payable Notes payable, short term Bonds payable Total liabilities.... Stockholders' equity Common stock, $1 par value.. Retained earnings.. Total stockholders' equity.... Total liabilities & stockholders' equity ................. 170 80 40 290 660 $1.370 $1.440 Income Statement For the Year Ended December 31, Year 2 Net Sales (all on account). Cost of goods sold........... Gross margin ................... Selling and administrative expense Net operating income ..... Interest expense............... Net income before taxes...... Income taxes (30%). Net income.... $1,000 600 400 260 140 30 110 33 $_77 REQUIRED: Compute the following ratios for Year 2. Round answers to two decimal REQUIRED: Compute the following ratios for Year 2. Round answers to two decimal places. 1) Current ratio 2) Acid test (quick) ratio 3) Accounts receivable turnover 4) Days sales in inventory 5) Debt-to-equity ratio 6) Profit margin percentage 7) Gross margin percentage