TABLE 14.14 Heifer Sports financial statements Income statement 2018 Sales Cost of goods sold Depreciation Selling & administrative expenses EBIT Interest expense Taxable income Taxes $5,500,000 2,850,000 280,000 1,500,000 $ 870,000 130,000 $ 740,000 330,000 $ 410,000 Net income Balance sheet, year-end 2018 2017 Assets Cash Accounts receivable Inventory Total current assets Fixed assets Total assets $ 50.000 660,000 490,000 $1,200,000 3,100,000 $4,300,000 $ 40.000 690,000 480,000 $1,210,000 2,800,000 $4,010,000 Liabilities and shareholders' equity Accounts payable Short-term debt Total current liabilities Long-term bonds Total liabilities $ 340,000 480,000 $ 820,000 2,520,000 $3,340,000 $ 450,000 550,000 $1,000,000 2,200,000 $3,200,000 Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 310,000 650,000 $ 960,000 $4,300,000 $ 310,000 500,000 810,000 $4.010,000 Use the financial statements of Heifer Sports Inc. in Table 14.14 to find the following: (Use 365 days a year. Round a answers to 2 decimal places except $ amounts.) a. 5.88 b. 3.48 Inventory turnover ratio. Debt/equity ratio. Cash flow from operating activities. Average collection period. C. d. e. Asset turnover ratio. 1.32 f. 6.69 g. 15.82% Interest coverage ratio. Operating profit margin. Return on equity. Compound leverage ratio. h. 46.33%