The Khala Galbreath 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 Cash Accounts receivable, net Merchandise inventory Plant assets, net Total assets Khala Galbreath Company Comparative Income Statements For Years Ended December 31, 2026-2023 2026 $236,000 2025 $212,000 2024 $183,000 2023 $129,000 128,000 141,000 110,000 96,000 108,000 71,000 73,000 33,000 49,000 32,000 $59,000 $39,000 33,000 $40,000 15,000 $18,000 Khala Galbreath Company Comparative Balance Sheets For Years Ended December 31, 2026-2023 2026 2025 2024 2023 $148,000 $97,000 $113,000 $98,000 66,000 59,000 51,000 36,000 20,000 63,000 17,000 43,000 170,000 150,000 130,000 120,000 $404,000 $369,000 $311,000 $297,000