Minion Industries declared and paid a cash dividend of $7,200 December 31, reported the following summarized information: the current year. Its comparative financial statements, prepared at Current Year Previous Year $ 140,000 64,000 76,000 42,000 4,600 29,400 8,820 $ 20,580 $ 123,000 60,000 63,000 37,800 4,600 20,600 6,180 $ 14,420 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets Accounts Payable Income Tax Payable Notes Payable (long-term) Total Liabilities Common Stock (par $10) Retained Earnings Total Liabilities and Stockholders' Equity $ 77,330 23,000 31,000 101,000 $ 232,330 $ 48,000 $ 32,000 18,000 44,000 111,000 $ 205,000 $ 34,400 800 46,000 81,200 93,600 30, 200 $ 205,000 1,150 46,000 95,150 93,600 43,580 $ 232,330 Required: 1. Compute the gross profit percentage in the current and previous years. Are the current-year results better, or worse, than those for the previous year? 2. Compute the net profit margin for the current and previous years. Are the current-year results better, or worse, than those for the previous year? 3. Compute the earnings per share for the current and previous years. Are the current-year results better, or worse, than those for the previous year? 4. Stockholders' equity totaled $106,000 at the beginning of the previous year. Compute the return on equity (ROE) ratios for the current and previous years. Are the current-year results better, or worse, than those for the previous year? 5. Net property and equipment totaled $116,000 at the beginning of the previous year. Compute the fixed asset turnover ratios for the current and previous years. Are the current-year results better, or worse, than those for the previous year? 6. Compute the debt-to-assets ratios for the current and previous years. Is debt providing financing for a larger or smaller proportion of the company's asset growth? 7. Compute the times interest earned ratios for the current and previous years. Are the current-year results better, or worse, than those for the previous year? 8. After Minion Industries released its current year's financial statements, the company's stock was trading at $24. After the release of its previous year's financial statements, the company's stock price was $21 per share. Compute the P/E ratios for both years. Does it appear that investors have become more or less) optimistic about Minion's future success