ollow ratios, explain your results? Windswept, Inc. 2008 Income Statement (S in millions) $8,450 7,240 400 810 Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Less: Taxes Net income 70 $ 740 259 481 Windswept, Inc. 2007 and 2008 Balance Sheets (S in millions) 2007 2008 Cash S 120 $ 1.40 Accounts payable Accounts rec. 930 780 Long-term debt Inventory 1.480 1.520 Common stock Total $2,530 S2.440 Retained earnings Net fixed assets 3.150 3.600 Total assets $5.080 S6,040 Total liabilities & equity 1. What is Quick ratio for year 2008? 2007 2008 S1.110 S1,120 840 1.210 3,200 3.000 530 710 S5.680 S6,040 2- What is inventory turnover in 2008