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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

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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 Owner's Equity 4,000,000 Total liabilities and owner's 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': f. Fixed assets turnover g. Total asset turnover h. Gross profit margin 1. Operating profit margin J. Operating return on assets k. Return on equity

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