Problems: Please answer the following questions based on the information in the following statements: Lillian Ruth Artworks, Inc. Income Statement Period Ended 12/31 - Net Sales $1,181,001 Cost of Goods Sold 767.650 Gross Profit 413,351 Operating Expenses 301.746 Net Operating Profit 111.605 Interest Expense 40.177 Eamings Before Tax 71,428 Tax (-21) 15.000 Net Income 56.428 Cash Accounts Receivable Inventory Current Assets Gross Fixed Assets Accumulated Depreciation Net Fixed Assets Lillian Ruth Artworks, Inc. Balance Sheet As of 12/31 - $131,250 Accounts Payable $381,250 458,750 Accruals 50,000 262.500 Notes Payable 206.250 $852,500 Current Liabilities $637.500 $650,000 Bonds $150.000 100,000 Debentures 100,000 550,000 Long-Term Debt $250,000 Total Debt $887,500 Preferred Stock $ 50,000 Common Stock 200,000 Retained Earnings $ 265.000 Total Equity $ 515,000 $1.402.500 Total Debt and Equity $1.402.500 Total Assets Footnotes: 1. Where appropriate use a 360 day year 2. Common shares outstanding: 25,000 3. Preferred shares outstanding: 5,000 4. Preferred Dividends: $5,000 5. Common Dividends: $9,000 6. Common Stock Market Price Per Share: $33.00 7. Earnings Per Share: $2.06 Per Share Lillian Ruth's Net Operating Margin Ratio can be determined as: 44.80% 9.45% 04.23% Cannot be determined from the information provided Cash Accounts Receivable Inventory Current Assets Gross Fixed Assets Accumulated Depreciation Net Fixed Assets Balance Sheet As of 12/31/-- $131,250 458,750 262.500 $852,500 $650,000 100.000 550,000 Accounts Payable $381,250 Accruals 50.000 Notes Payable 206.250 Current Liabilities $637,500 Bonds $150,000 Debentures 100.000 Long-Term Debt $250,000 Total Debt $887,500 Preferred Stock $ 50,000 Common Stock 200,000 Retained Earnings $ 265.000 Total Equity $ 515,000 Total Debt and Equity $1.402.500 Total Assets $1.402.500 Footnotes: 1. Where appropriate use a 360 day year 2. Common shares outstanding: 25,000 3. Preferred shares outstanding: 5.000 4. Preferred Dividends: $5,000 5. Common Dividends: $9,000 6. Common Stock Market Price Per Share: $33.00 7. Earnings Per Share: $2.06 Per Share Lillian Ruth's Net Operating Margin Ratio can be determined as: 44.80% 9.45% 4.23% Cannot be determined from the information provided O None of the answers provided are correct Note: Clicking any button other than the Save Answer button will NOT save any changes to your answers! Save Answer Skip Question I Am Finished/Submit for Grade