Sales (Revenue) Le cost of Goods Sold (COGS) Gross Profit Lens, Operating Expense Earnings before Income and Taxes (EBIT) Les, Interest Expenses Earnings before Tax (EBT) Less, Taxes (30%) Net Income (after Tax) $100,000 87.000 $13.000 $11,000 $2.000 $500 $1,500 450 $1,050 Balance Sheet Dana Dairy Products December 31, 2013 Assets Cash Accts receivable Inventories Total current assets $1,000.00 9,900.00 5.350.00 $16.250.00 $8.000.00 0.00 5.675.00 22 Liabilities and Equity Accounts payable Notes payable Accruals Total current liabilities Long-term bonds Total debt Common stock 50.000 shares) Retained earnings Total common equity Total liabilities & equity 6,125.00 $19,800.00 1,000.00 Net plant & equip Total assets 19.250.00 1212 151200,00 16 200.00 26.000.00 The inventory turnover for Dana Dairy Products in 2013 was (See Table 3.2)