Q12: use the numbers from the following financial statements to calculate the following ratios, explain your results? Windswept, Inc. 2008 Income Statement (S in millions) Net sales 58,450 Less: Cost of goods sold 7,240 Less: Depreciation 400 Earnings before interest and taxes 810 Les: Interest pald 70 Taxable Income S 740 Less: Taxes 259 Net Income S481 Windswept, Inc. 2007 and 2008 Balance Sheets (s in millions) 2007 2008 Cash $ 120 S 140 Accounts payable Accounts rec 930 780 Long-term debt Inventory 1.480 1.570 Common stock Total $2,530 $2,4.40 Retained earning Net fixed assets 3.16 3.600 Total assets 55,680 56,040 Total liabilities & equity 1- What is Quick ratio for year 2008? 2007 2008 S1,110 S1,120 1.210 3,200 3,000 30 710 55,680 56.0-40 2- What is inventory turnover in 2008? 3. What is interest earned ratio