Problem 7-13 Comprehensive Ratio Analysis Data for Lozano Chip Company and its industry averages follow. Lozano Chip Company: Balance Sheet as of December 31, 2015 (Thousands of Dollars) Cash Receivables Inventories 221,000 1,522,000 1,086,000 $2,829,000 $601,600 323,400 504,000 $1,429,000 Accounts payable Notes payable Other current liabilities Total current assets Net fixed assets Total current liabilities 1,126,500 1,666,500 $4,222,000 1,393,000 Long-term debt Common equity Total liabilities and equity Total assets $4,222,000 Lozano Chip Company: Income Statement for Year Ended December 31, 2015 (Thousands of Dollars) Sales Cost of goods sold Selling, general, and administrative expenses $8,186,000 6,264,000 803,000 Earnings before interest and taxes$1,119,000 Interest expense Earnings before taxes (EBT) Federal and state income taxes (40%) Net income 90,100 $1,028,900 411,560 $ 617,340