Consider the following companys balance sheet and income statement. Balance Sheet Assets Liabilities and Equity Cash $ 9,000 Accounts payable $ 35,000 Accounts receivable 64,000 Notes payable 17,000 Inventory 45,000 Total current assets 118,000 Total current liabilities 52,000 Fixed assets 80,000 Long-term debt 24,000 Equity 122,000 Total assets $ 198,000 Total liabilities and equity $ 198,000 Income Statement Sales (all on credit) $ 240,000 Cost of goods sold 150,000 Gross margin 90,000 Selling and administrative expenses 25,000 Depreciation 5,000 EBIT 60,000 Interest expense 5,300 Earnings before tax 54,700 Taxes 16,410 Net income $ 38,290 For this company, calculate the following: (Use 365 days in a year. Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))