Life Long, Inc. Comparative Balance Sheet As of December 31, 2024 and 2023 2024 2023 Assets Cash $ 71,000 $ 59,000 Accounts Receivable 56,200 24,800 Supplies 3,800 3,200 Property, Plant, and Equipment, net 308,000 213,000 Patents, net 149,000 112,000 Total Assets $ 588,000 $ 412,000 Liabilities and Stockholders' Equity Accounts Payable $ 24,000 $ 26,000 Short-term Notes Payable 143,000 49,000 Life Long, Inc. Income Statement For the Year Ended December 31, 2024 Net Sales Revenue $ 3,000,000 Cost of Goods Sold 2,650,000 Gross Profit 350,000 Operating Expenses 50,000 Operating Income 300,000 Other Income and (Expenses): Interest Expense (29,000) Income Before Income Tax Expense 271,000 Income Tax Expense 94,850 Net Income $ 176,150 - Requirements 1. Calculate the company's ROI. Round all of your answers to four decimal places 2. Calculate the company's profit margin ratio. Interpret your results. 3. Calculate the company's asset turnover ratio. Interpret your results. 4. Use the expanded ROI formula to confirm your results from Requirement 1. Interpret your results. 5. Calculate the company's RI. Interpret your results