Prepare an Income Statement based on the following: - gross sales = 2346217 - taxes = 9.3% of net sales - sales expenses = 12092 - building depreciation = 1 year depreciation from Balance Sheet - discount on sales = 3% of gross sales - administrative expense = 14598 - cost of goods sold = 3x merchandise inventory from Balance Sheet - sales returned = 2.5% gross sales - interest expense = 1 3/4% of net sales - income from other sources = 49876 - depreciation on equipment = 1/2 year depreciation from Balance Sheet

Based on information in Income Statement find, A) Return on Sales Ratio, B) Current Ratio, and the C) Inventory Turnover Ratio.