Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 127,000 Accounts payable $ 136,000 Accounts receivable 186,400 Bonds payable (long term) 81,600 Inventory 55,400 Long-Term Assets Stockholders' Equity Gross fixed assets $ 553,000 Common stock $ 150,000 Less: Accumulated depreciation 150,900 Paid-in capital 70,000 Net fixed assets* 402,100 Retained earnings 333,300 Total assets $ 770,900 Total liabilities and equity $ 770,900 Sales (on credit) $ 1,339,000 Cost of goods sold 788,000 Gross profit $ 551,000 Selling and administrative expense 334,000 Depreciation expense 54,500 Operating profit $ 162,500 Interest expense 10,200 Earnings before taxes $ 152,300 Tax expense 99,000 Net income $ 53,300 *Use net fixed assets in computing fixed asset turnover. Includes $15,200 in lease payments. SMITH CORPORATION Current Assets Liabilities Cash $ 40,000 Accounts payable $ 76,700 Marketable securities 13,200 Bonds payable (long term) 246,000 Accounts receivable 78,800 Inventory 77,800 Long-Term Assets Stockholders' Equity Gross fixed assets $ 551,000 Common stock $ 75,000 Less: Accumulated depreciation 258,600 Paid-in capital 30,000 Net fixed assets* 292,400 Retained earnings 74,500 Total assets $ 502,200 Total liabilities and equity $ 502,200 *Use net fixed assets in computing fixed asset turnover. SMITH CORPORATION Sales (on credit) $ 1,190,000 Cost of goods sold 695,000 Gross profit $ 495,000 Selling and administrative expense 257,000 Depreciation expense 58,800 Operating profit $ 179,200 Interest expense 30,900 Earnings before taxes $ 148,300 Tax expense 55,700 Net income $ 92,600 Includes $15,200 in lease payments. a. Compute the following ratios. (Use a 360-day year. Do not round intermediate calculations. Input your profit margin, return on assets, return on equity, and debt to total assets answers as a percent rounded to 2 decimal places. Round all other answers to 2 decimal places.) HintsReferenceseBook & Resources WorksheetDifficulty: AdvancedLearning Objective: 03-02 Ratio can be used to measure profitability, asset utilization, liquidity, and debt utilization. Check my work