Joes Fish Balance Sheet As at April 30 2018 2017 ASSETS Current Assets Cash Accounts receivable Merchandise Inventory Total Current Assets Property, plant & equipment Less: Accumulated depreciation TOTAL ASSETS $165,334 $51,100 $22,000 $14,000 $20,200 $25,600 $207,534 $90,700 $ 128,000 $200,000 $-26,400 $-22,500 $309,134 $268,200 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $29.800 $40,900 Notes Payable - Current Portion $7.100 $7,100 Total Current Liabilities $36,900 $48,000 Notes Payable - Noncurrent Portion $75,000 $51.000 Notes Payable - Noncurrent Portion $75,000 $51,000 TOTAL LIABILITIES $111,900 $99,000 Stockholders' Equity Common stock $74,000 $59,700 Retained earnings $123,234 $109,500 TOTAL STOCKHOLDERS' EQUITY $ 197,234 $169,200 TOTAL LIABILITIES AND EQUITY $309,134 $268,200 Joe's Fish Hut Income Statement For the Year Ended April 30, 2018 Sales $123,000 COGS $84,400 Gross Profit $38,600 Operating Expenses Insurance Expense $1,070 Rent Expense $4,790 Salaries Expense $5,750 Telephone Expense $790 Interest Expense $1,170 Interest Expense $1,170 Depreciation Expense $3,900 Total Operating Expenses $17,470 Operating Profit Before Tax $21,130 Income Tax Expense $7,396 Net Profit (Loss) $13,734 Complete the following ratio analysis. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the days sales outstanding ratio for 2018. Assume all sales Days sales outstanding: days b) Calculate the accounts receivable turnover for 2018. Assume all sales Accounts Receivable turnover times c) Calculate the days' sales in inventory ratio for 2018. Days' Sales in Inventory: days