Calculating financial ratios) The balance sheet and income statement for the J.P. Robard Mig. Company are as follows: 2. Calculate the following ratios: Current ratio Times interest earned Inventory turnover Total asset turnover Operating profit margin Operating return on assets Debt ratio Average collection period Fixed asset turnover Return on equity The company's current ratio is (Round to two decimal places.) J. P. Robard Mfg., Inc. Balance Sheet (9000) Cash Accounts receivable Inventories Current assets Net fixed assets Total assets $550 2,100 990 $3,640 4.520 $8,160 Accounts payable $1,170 Accrued expenses 610 Short-term notes payable 310 Current liabilities $2,090 Long-term debt 2,020 Owners' equity 4,050 Total liabilities and owners' equity $8,160 (Click on the icon in order to copy its contents into a spreadsheet.) J. P. Robard Mfg., Inc. Income Statement ($000) Net sales (all credit) $7.990 Cost of goods sold (3,250) Gross profit $4,740 Operating expenses (includes $500 depreciation) (3,090) Net operating income $1,650 Interest expense (367) Earnings before taxes $1,283 Income taxes (35%) (449) Net Income $834 (Click on the icon in order to copy its contents into a spreadsheet.)