Based on the above financial statements, compute the following ratios for the year 2008

You have been provided the following comparative balance sheet and income statement K. L. Widget Company Income Statement For the Year Ended, December 31, 2008 Sales $150,000 Expenses Cost of goods sold Operating expenses Interest Income tax $ 80,000 30,000 8,000 13,000 Total expenses $131,000 Net operating income $ 19,000 Other Income: Gain on sale of equipment 10,000 Net income $29,000 Note: All sales were made on credit