Use the attached Balance Sheet and Income Statement to calculate the following ratios

Current ratio-

Quick ratio

Average Collection Period

Inventory Turnover

Fixed Asset Turnover

Total Asset Turnover

Debt Ratio

Times Interest Earned

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Return on Total Assets

Return on Equity

ABC Company Balance Sheet December 31, 2016 Assets Cash Accounts Receivable Inventory Current Assets Liabilities $125,000 Accounts Payable 275,000 Notes Payable 325,000 Accrued Liabilities 725,00 Current Liabilities 0 $150,000 225,000 100,000 475,000 Fixed Assets (net) 420,000 Longterm Debt Total liabilities Equity $1,145,000 Total Liabilities & Equity Total Assets 405,000 $875,000 270,000 $1,145,000 ABC Company Income Statement For the year ended December 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Profit Interest Expense Earnings before Tax Income Tax (40%) Net Income $1,500,000 1 ,200,000 300,000 100 ,000 200,000 72 ,000 128,000 51 ,200 $ 76 ,800