The Gage Company began operations in 2023. Its comparative income statements and balance sheets follow. Use a formula to calculate the ratios below. The AVERAGE formula must be used in any ratios using average accounts receivable, average inventory or average total assets. Net sales Cost of goods sold Gross margin Operating expenses Net income Gage Company Comparative Income Statements For Years Ended December 31, 2026-2023 2026 2025 2024 $218,000 $196,000 $169,000 124,000 121,000 98,000 94,000 75,000 71,000 42,000 34,000 32,000 $52,000 $41,000 $39,000 2023 $120,000 84,000 36,000 16,000 $20,000 Cash Accounts receivable, net Merchandise inventory Plant assets, net Total assets Gage Company Comparative Balance Sheets For Years Ended December 31, 2026-2023 2026 2025 2024 $149,000 $107,000 $116,000 61,000 55,000 47,000 19,000 54,000 15,000 170,000 150,000 130,000 $399,000 $366,000 $308,000 2023 $103,000 34,000 38,000 120,000 $295,000 Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and equity $37,000 160,000 50,000 152,000 $399,000 $36,000 180,000 50,000 100,000 $366,000 $29,000 170,000 50,000 59,000 $308,000 $25,000 200,000 50,000 20,000 $295,000 2026 2025 2024 2026 2025 2024 Liquidity and Efficiency Current ratio Acid-test ratio Accounts receivable turnover Inventory turnover Total asset turnover Solvency Debt ratio Equity ratio Sum of Debt and Equity ratios Debt-to-equity ratio Profitability Profit margin ratio Gross margin ratio Return on total assets 2026 2025 2024