Use the financial statements for Ratio Corporation to answer the questions in this assignment: RATIO CORPORATION BALANCE SHEET December 31 2020 2021 ASSETS Current Assets Cash Marketable Securities Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets Noncurrent Assets Buildings and Equipment (cost) Accumulated Depreciation Buildings and Equipment (net) TOTAL ASSETS $20,000 $18,000 8,000 30,000 4,000 $80,000 $10,000 $13,000 5,000 25,000 5,000 $58,000 $550,000 (210,000) $340,000 $420,000 $500,000 (200,000) $300,000 $358,000 $18,000 11,000 9,000 $38,000 $15,000 1,000 12,000 $28,000 LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities Accounts Payable Wages Payable Other Payables Total Current Liabilities Noncurrent Liabilities Bonds Payable TOTAL LIABILITIES Shareholders' Equity Common Stock APIC Retained Earnings Total Shareholders' Equity TOTAL LIAB. & SHAREHOLDERS' EQUITY $208,000 $246,000 $160,000 $188,000 $4,000 $70,000 100,000 $174,000 $2,000 $50,000 118,000 $170,000 $420,000 $358,000 RATIO CORPORATION INCOME STATEMENT Year End 12/31/2021 Net Sales CGS Profit Margin SG&A Operating Income Interest Expense Pre-Tax Income Tax Expense @ 40% Net Income $1,000,000 (800,000) 200,000 (20,000) 180,000 (40,000) 140,000 (56,000) $84,000 Question 11 (Mandatory) (8 points) What is Ratio Corporation's Fiscal 2021 Asset Turnover? 1.63 2.82 2.57 4.50 Question 12 (Mandatory) (8 points) What is Ratio Corporation's Fiscal 2021 Return on Assets? 53.53% 48.84% 31.88% 35.18%