Calculation Problems (45 points): Please write down the steps in details. 1. A firm's financial statements are as follows: $45 66 Balance Sheet as of Dec. 31, 2018 (in Mills) Cash and equivalents $78 Accounts payable liabilities Accounts receivables 66 Other current liabilities Inventories 159 Total current liabilities Total current assets $303 Long-term debt Total liabilities Gross fixed assets 225 Common stock Less depreciation 78 Retained earnings Net fixed assets $147 Total equity Total assets $450 Total liabilities and equity $111 74 $185 64 Income Statement Ended Dec. 2018 (in Mills) Sales $795.0 Cost of goods sold 660.0 Gross Profit $135.0 Selling expenses 73.5 Depreciation 12.0 EBIT $49.5 Interest expense 4.5 Earnings before taxes $45.0 Taxes (40%) 18.0 Net income $27.0 201 $265 $450 1a (9 points) Calculate the ratios of the company and fill the answers in blanks in the table. Industry Average Ratios Company Debt Equity ratio Inventory turnover Total assets turnover Profit margin Return on total assets Return on equity 12.87%