Looking back over the past few years, it is clear that Nicole Mackisey has accomplished a lot running her business, Nicole's Getaway Spa (NGS). Nicole is curious about her company's performance as she compares its financial statements. $ Balance Sheet Cash Accounts Receivable, Net Inventory Prepaid Expenses Other Current Assets 2017 $ 8,400 2, 850 1,540 920 470 2016 5,900 3, 350 3,850 1, 390 520 2015 $ 5,500 2,650 2, 280 540 540 Total Current Assets Property and Equipment 14, 180 81, 000 15, 010 96,000 11,510 33, 800 Total Assets $95, 180 $ 111,010 $ 45, 310 $ Current Liabilities Long-term Liabilities $ 9,700 41, 800 9, 700 59, 860 $ 10, 700 17,400 Total Liabilities 51,500 69,560 28, 100 Contributed Capital Retained Earnings 35, 200 8, 480 38,500 2,950 16,000 1,210 Total Shareholders' Equity 43,680 41, 450 17,210 Total Liabilities and Shareholders' Equity $95, 180 $111,010 $ 45, 310 Income Statement Sales Revenue Cost of Goods Sold $97,000 75,200 $ 73, 000 56,500 $ 61,000 43,500 Gross Profit Operating Expenses 21, 800 5, 700 16,500 3, 700 17,500 8, 700 Income from Operations Interest Expense 16, 100 1,850 12, 800 4, 800 8, 800 1.650 Income Before Income Tax Expense Income Tax Expense 14,250 4, 350 8,000 2,160 7, 150 3,050 Net Income $ 9,900 $ 5,840 $ 4, 100 Required: 1-a. Calculate the gross profit percentage, return on equity, and asset turnover ratio for 2016 and 2017. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Gross profit percentage Return on equity Asset turnover 2016 22.60 % 14.09X % 0.66X times 2017 22.47 % 22.66 X % 1.02 X times 1-b. Was NGS more profitable in 2016 or 2017? 2017 2016 2-a. Calculate the current ratio and quick ratio for 2016 and 2017. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. 2016 9,770.00 770 Current ratio Quick 2017 11,720.00 times times times times 1.01 1.21 ratio 2-b. Was NGS more liquid in 2016 or 2017? 2016 2017 3-a. Calculate the debt-to-assets ratio and times interest earned ratio for 2016 and 2017. (Round your answers to 2 decimal places.) X Answer is complete but not entirely correct. 2016 2017 Debt-to-assets 0.63 times 0.54 times Times interest 2.66 times 8.70 times earned 3-b. Was NGS more solvent in 2016 or 2017? 2016 2017