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 $8,450 Less: Cost of goods sold 7.2-40 Less: Depreciation 400 Earnings before interest and taxes 810 Less: Interest paid 70 Taxable Income S 740 Less: Taxes Net income S481 259 Windswept, Inc. 2007 and 2008 Balance Sheets (Sin millions) 2007 2008 Cash $ 120 $ 140 Accounts payable Accounts rec. 930 780 Long-term debt Inventory 1.480 1.520 Common stock Total $2,530 $2,440 Retained earnings Net fixed assets 3,150 3,600 Total assets S5,680 S6,0-40 Total liabilities & equity 1. What is Quick ratio for year 2008? 2007 2008 $1,110 $1,120 840 1,210 3,200 3,000 530 710 $5,680 S6,040 2- What is inventory turnover in 2008? 3- What is interest earned ratio