Project #1 Financial statements for Askow Industries for 2016 are shown below (in $000's): 2016 Income Statement Sales Cost of goods sold Gross proft Operating expenses Interest expense Tax expense Net income $9,000 6.300) 2,700 (2,000) (200) 200) $ 300 Comparative Balance Sheets Dec. 31 2016 2015 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $600 $500 600 400 800 600 2.000 2100 $4,000 $3,600 Liabilities and Shareholders' Equity Current liabilities Bonds payable Paid-in capital Retained earnings $1,100 $ 850 1,400 1,400 600 600 900 750 $4,000 $3,600 Required: Calculate the following ratios for 2016. 1. Inventory turnover ratio 2. Average days in inventory 3. Receivables turnover ratio 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales 7. Return on assets 8. Return on shareholders equity 9. Equity multiplier 10. Return on sharehoiders' equity (using the DuPont framework)