The Balance Sheet and the Income Statement of XYZ are presented below:

Balance Sheet

Cash $ 500,000 Accounts Receivable 2,000,000 Inventories 1,000,000 Current Assets 3,500,000 Net Fixed Assets 4,500,000 Total Assets $ 8,000,000

Accounts Payable $ 1,100,000 Accrued Expenses 600,000 Short-term notes payable 300,000 Current liabilities $ 2,000,000 Long-term debt 2,000,000 Owners Equity 4,000,000 Total liabilities and owners equity $ 8,000,000

Income Statement

Net sales (all credit) $ 8,000,000 Cost of goods sold (3,300,000) Gross Profit $ 4,700,000

Operating Expenses (includes $ 500 depreciation) 3,000,000 Operating Income $ 1,700,000 Interest expense (367,000) Earnings before taxes $ 1,333,000 Income Taxes (40%) (533,000) Net Income $ 800,000

Calculate the following ratios:

a. Fixed assets turnover b. Total asset turnover c. Gross profit margin d. Operating profit margin e. Operating return on assets f. Return on equity