Consider the following companys balance sheet and income statement. Balance Sheet Assets Liabilities and Equity Cash $ 16,000 Accounts payable $ 30,000 Accounts receivable 71,000 Notes payable 24,000 Inventory 52,000 Total current assets 139,000 Total current liabilities 54,000 Fixed assets 80,000 Long-term debt 36,000 Equity 129,000 Total assets $ 219,000 Total liabilities and equity $ 219,000 Income Statement Sales (all on credit) $ 270,000 Cost of goods sold 170,000 Gross margin 100,000 Selling and administrative expenses 42,000 Depreciation 6,000 EBIT 52,000 Interest expense 6,000 Earnings before tax 46,000 Taxes 13,800 Net income $ 32,200 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)) PrevQuestion 5 of 9 Total5 of 9Visit question mapNext