Intro Emily Lim owns and runs an ice cream parlor in San Diego. Last year, she had sales of $470,000 and an average tax rate of 33%. She spent $47,000 on ingredients, $23,500 on utilities, and $84,600 to rent the premises. Emily has a few employees and paid them $94,000 in wages in total. She also paid herself a salary of $70,500 and spent $47,000 to pay for employee benefits. A few years ago, Emily borrowed money to buy the ice making equipment. Last year, she paid $23,500 in interest on that loan. Depreciation for the equipment was $14,100. Part 1 What was operating income (EBIT) for the year? 0+ decimals Submit Part 2 What was net income for the year? 0+ decimals Submit 78 Attempt 1/10 for 1 pts. BAttempt 1/10 for 1 pts. Intro Use the following information to answer the questions: Assets Cash 13,000 Marketable securities 4,000 Accounts receivable 11,000 Inventory 36,000 Current assets 64,000 Machines 42,000 60,000 102,000 166,000 Real estate Net fixed assets Total assets Liabilities and Equity Accounts payable 21,000 Notes payable 8,000 Current liabilities Long-term debt EBIT Interest Taxable income Taxes Net income 29,000 80,000 Total liabilities 109,000 Paid-in capital 30,000 Retained earnings 27,000 Equity 57,000 Total liab. & equity 166,000 Line item Sales Operating expenses Depreciation Value 760,000 623,200 25,000 111,800 8,000 103,800 34,254 69,546 The company has 30,000 shares outstanding, each currently trading at $23. Part 1 What is the price/earnings ratio? 1+ decimals Submit Part 2 What is the market/book ratio? 1+ decimals Submit BAttempt 1/10 for 1 pts. BAttempt 1/10 for 1 pts