Morgan COMPANY Comparative Balance Sheet December 31, 2017 Assets Cash Short-term investments ............. Accounts receivable (net) Inventory Property, plant and equipment (net). Total assets 2017 $ 75,000 45,000 150,000 150,000 780,000 $1.200,000 2016 $ 120,000 180,000 90,000 210,000 900,000 $1.500.000 Liabilities and stockholders' equity Accounts payable...... Short-term notes payable. Bonds payable Common stock Retained earnings... Total liabilities and stockholders' equity. $ 60,000 $ 90,000 90,000 270,000 270,000 480,000 450,000 450,000 330.000 210,000 $1,200,000 $1,500,000 Morgan COMPANY Income Statement For the Year Ended December 31, 2017 Net sales $1,200,000 Cost of goods sold.... 720,000 Gross profit.... 480,000 Expenses Operating expenses... $156,000 Interest expense.... 54.000 Total expenses...... 210,000 Income before income taxes 270,000 Income tax expense. 81.000 Net Income $189.000 Additional information: a. Bonds mature in 2 years b. Weighted average number of shares of common stock outstanding during 2017 and 2016 was 00,000 shares C. Shareholders' Equity in 2015 was $ 500.000 d. Market value of common stock on December 31, 2017, was S63 per share. e 2016 and 2015 average accounts receivable was $100,000 f. Net sales in 2016 was $1.000.000, cost of goods sold was $600,000; net income was $105.000 REQUIRED: Using the financial statements and additional information compute the following ratios for Morgan Company for 2017 and 2016; interpret the changes NOTE: Show your computation. Provide two digits after the decimal. Current ratio Interpretation 2017 2016 Return on equity 2017 2016 Earnings per share 2017 2016 Receivables turnover 2017 2016 Gross Profit Percentage 2017 2016 Net Profit Margin 2017 2016