Income Statement and Balance Sheet for Sam's Appliances Income Statement Years Ending December 31 Years ACCOUNT 2006 2007 2008 CATEGORY $ 330 $ 441 $ 462 Current Assets Net Sales Cost of Goods Sold 148 200 235 Fixed Assets Gross Profit $ 182 $ 241 $ 227 Total Assets Operating Expenses 148 163 181 Liabilities and Owner's Equity $ 46 Current Liabilities EBIT Interest 78 $ 7 8 Total Long-Term Debt 34 $ 5 29 $ 8 EBT $ 38 Total Liabilities 71 $ 18 Taxes 10 Owner's Equity Net Profit 21 $ 53 $ 28 Total Liabilities & OE 1) Refer to Table 4-2. The Debt to Equity ratio for 2008 was approximately A) 0.51. B) 1.05. C) 1.95. D) 0.95. E) 2.05. 2) Liquidity ratios include the A) current ratio. B) A and B above. C) A and C above. D) inventory turnover ratio. E) quick ratio. 3) Refer to Table 4-2. The Operating Return on Assets ratio for 2007 was approximately A) 0.18. B) 0.26. C) 0.15. D) 0.23. 4) Refer to Table 4-2. The Operating Return on Assets ratio for 2008 was approximately A) 0.18. B) 0.13. C) 0.23. D) 0.15. 5) Refer to Table 4-2. The percentage change in sales from 2007 to 2008 was approximately A) -4.54. B) -4.76. C) 4.54. D) 45.4. E) 4.76. Balance Sheet January 1 through December 31 Years 2006 $ $ 82 $ 215 297 $ $ 27 $ 68 $ 95 $ 202 $ 297 $ 69 2007 94 $ 208 302 $ 79 $ 77 156 $ 146 302 $ 2008 111 195 306 87 70 157 149 306