Q.No.1 Given the following financial statements, historical ratios, and industry averages, calculate J & J Company's financial ratios for the most recent year. (Assume a 365-day year.) J&J Company Income Statement for the Year Ended December 31, 2019. Sales revenue $10,000,000 Less: Cost of goods sold 7,500,000 Gross profits $ 2,500,000 Less: Operating expenses Seling expense $300,000 General and administrative expenses 650,000 Leuse expense 50,000 Depreciation expense 200.000 Total operating expense $ 1.200.000 Operating i $ 1.300.000 Less: Interest expense 200,000 Net profits before taxes $ 1.100.000 Less. Taxes (rett - 40%) 440,000 Net profits after taxes $ 660,000 Less: Preferred stock dividends 50.000 Earnings available for common stockholders $ 610,000 Earnings per share (ETS) $3.05 1