The following select information is taken from Blueberry Pie Corp.'s statements of financial position at December 31, 2019 and 2020, and their income statement for calendar 2020: 2020 2019 Assets: Cash $ 18,000 $ 22,000 Short Term investments. 25,000 -0- Accounts receivable. 38,000 42,000 Inventory 61,000 52,000 Prepaid insurance. 6,000 9,000 Long-term investments 49,000 20,000 Equipment (net). 130,000 130,000 Land. 33,000 33,000 Goodwill 55,000 55,000 Total assets.. $415,000 $363,000 Net income Sales (all on credit). Cost of goods sold.. Interest expense. Income tax expense. Tax rate = 28% $ 62,250 305,000 123,000 15,600 17,450 Instructions From the above information, calculate the following ratios for2020, rounding to 1 decimal place (2 marks each): Ratio Amount 1.Inventory turnover 2.Accounts receivable tumover 3. Return on assets ratio 4.Gross profit percentage ratio SUMMARY SHEET OF SELECTED RATIOS 1.Accounts receivable turnover Net credit sales Average accounts receivable 2. Inventory turnover Cost of goods sold Average inventory 3. Current ratio = Current assets Current liabilities 4. Debt to equity ratio= Total liabilities Total equity 5. Cash ratio=Cash and short-term investments Current liabilities 6. Return on assets ratio = Average total assets Net income + (Interest expense x (1- tax rate)) 7. Quick ratio = Cash + Accounts receivable + short term investments Current liabilities 8 Return on equity ratio = Net income Average equity 9. Gross profit percentage ratio = Gross profit (or Gross Margin) Net sales 10. Net profit margin percentage ratio Net income Net sales 11. Earnings per share (EPS) = (Net Income - Preferred Dividends) Average number of common shares outstanding