Comparative statements of financial position and income covering the last two fiscal years Current Ratio: for Gamma Corporation are reproduced below. Gamma Corporation Statements of Financial Position May 31, 20x1 and 20x2 (in thousands of dollars) Total Asset Turnover: 20x2 20x1 20x0 Assets Current assets Cash $3,000 $2,000 $2,500 Short-term marketable securities 1,000 1,000 2,000 Accounts receivable (net) 14,000 11,000 9,500 Net Profit Margin Ratio: Merchandise inventory 24,000 16,000 14,000 42,000 30,000 28,000 Tangible capital assets (net) 68,000 60,000 56,000 Long-term investments 10,000 10,000 12,000 $120,000 $100,000 $96,000 Days Sales in Accounts Receivable: Liabilities and shareholders' equity Current liabilities Accounts payable $5,000 $4,000 $3,500 Wages payable 1,000 1,000 900 6,000 5,000 4,400 Bonds payable, 10%, due 20x9 20,000 20,000 20,000 Return on Equity: 26,000 25,000 24,400 Shareholders' equity Common shares 25,000 25,000 25,000 Retained earnings 69,000 50,000 46,600 94,000 75,000 71,600 $120,000 $100,000 $96,000 Return on Assets: Gamma Corporation Statements of Income Average Collection Period for A/R: For the Years Ended May 31, 20x1 and 20x2 (in thousands of dollars) 20x2 20x1 Sales (all made on credit) $200,000 $140,000 Cost of goods sold -120,000 -80,000 Gross profit $80,000 $60,000 Selling and administrative expenses -30,000 -24,000 Depreciation expense -8,000 -6,000 Income before interest and income taxes $42,000 $30,000 Interest expense -2,000 -2,000 Income before income taxes $40,000 $28,000 Income tax expense -15,000 -11,000 Net income $25,000 $17,000 Required Calculate the ratios indicated on the right for 20x2 ONLY. Show your work. Formula Sheet is located in the next worksheet.