Ratio Analysis

Operating Expenses Insurance Expense $1,180 Rent Expense $5,760 Salaries Expense $4,230 Telephone Expense $80 Interest Expense $1,600 Depreciation Expense $8,400 Total Operating Expenses $21,970 Operating Profit Before Tax $21,030 Income Tax Expense $7,361 Net Profit (Loss) $13,669 Complete the following ratio analysis. Round all answers to 2 decimal places. a) Calculate the gross profit margin for the 2020. Gross Profit Margin: Answer % b) Calculate the times interest earned ratio for 2020. Times Interest Earned: Answerl times c) Calculate the net profit margin for 2020. Net Profit Margin: Answer % d) Calculate the return on equity for 2020. Return on Equity: Answerl % e) Calculate the return on assets for 2020. Return on Assets: Answerl % f) Calculate the asset turnover ratio for 2020. Asset turnover: Answerl times g) Calculate the current ratio for 2020. Current Ratio: AnswerlThe balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at May 31 2020 2019 ASSETS Current Assets Cash $173,069 $50,500 Accounts receivable $23,900 $15,700 Merchandise Inventory $24,900 $29,800 Total Current Assets $221,869 $96,000 Property, plant & equipment $143,000 $198,000 Less: Accumulated depreciation $-29,900 $-21,500 TOTAL ASSETS $334,969 $272,500 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $29,700 $33,700 Notes Payable-Current Portion $8,600 $8,600 Total Current Liabilities $38,300 $42,300 Notes Payable-Long-Term Portion $73,000 $42,000 TOTAL LIABILITIES $111,300 $84,300 Shareholders' Equity Common shares $76,000 $54,200 Retained earnings $147,669 $ 134,000 OTAL SHAREHOLDERS' EQUITY $223,669 $188,200 OTAL LIABILITIES AND EQUITY $334,969 $272,500 Joe's Fish Hut Income Statement For the Year Ended May 31, 2020 Sales $126,000 COGS $83,000 Gross Profit $43,000