Blackwater Falls Company Comparative Income Statements For years Ended December 31, 2017 and 2016 Calculate the following ratios (show the formula and your calculation) $ in thousands 12/31/17 12/31/16 Current Ratio (2017 and 2016) Acid Test Ratio (2017 and 2016) Sales $11,788 $11,252 Inventory turnover (2017 only) Cost of Goods Sold $6,625 $6,405 Days sales in receivables (2017 only) Gross Profit $5,163 $4,847 Debt-to-Equity (2017 and 2016) Selling and Administrative Expenses $3,576 $3,374 Times interest earned (2017 and 2016) Operating Income $1,587 $1,473 Asset turnover (2017 only) Other Expenses (revenues) Return on sales (2017 and 2016) Interest Revenue $(104) $(89) return on assets (2017 only) Interest Expense $87 $80 return on equity (2017 only) Total other expenses (revenues) $(17) $(9) Income before income taxes $1,604 $1,482 Income taxes $722 $671 Net income $882 $811