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 9,200 $ 3,250 1,700 1,000 550 2016 6,700 $ 3,750 4,250 1,550 600 2015 6,300 3,050 2,600 700 700 Total Current Assets Property and Equipment 15,700 89,000 16,850 104,000 13,350 37,000 Total Assets $ 104,700 $ 120,850 $ 50,350 Current Liabilities Long-term Liabilities $ 10,500 $ 45,000 10,500 $ 11,500 64,500 19,000 Total Liabilities 55,500 75,000 30,500 Contributed Capital Retained Earnings 40,000 9,200 42,500 3,350 18,400 1,450 Total Shareholders' Equity 49,200 45,850 19,850 Total Liabilities and Shareholders' Equity $ 104,700 $ 120,850 $ 50,350 Income Statement Sales Revenue Cost of Goods Sold $ 105,000 $ 81,000 $ 69,000 80,000 60,500 47,500 Gross Profit Operating Expenses 25,000 6,500 20,500 4,500 21,500 9,500 Income from Operations Interest Expense 18,500 2,250 16,000 5,600 12,000 2,050 Income Before Income Tax Expense Income Tax Expense 16, 250 4,960 10,400 2,800 9,950 4,250 Net Income $ 11,290 $ 7,600 $ 5,700 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. 2016 2017 Gross profit 25.31 % 23.81 % percentage Return on equity 16.58% 22.95% Asset turnover 0.86 times 0.83 times 1-6. Was NGS more profitable in 2016 or 2017? 2016 2017 2-a. Calculate the current ratio and quick ratio for 2016 and 2017. (Round your answers to 2 decimal places.) Answer is complete and correct. 2016 2017 1.60 times Current ratio Quick ratio 1.50 times 1.19 times 1.00 times 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.) Answer is complete but not entirely correct. 2016 0.62 times 0.53 2017 times 7.29 times Debt-to-assets Times interest eamed 2.10 times 3-6. Was NGS more solvent in 2016 or 2017? 2017 2016