-Your answer is partially correct The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented below. IVANHOE COMPANY Balance Sheets December 31 (in thousands) 20172016 Current assets Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses $330 $360 580 510 550 480 160 1,590 1,510 410 380 120 120 530 510 $2,650 $ 2,520 $930 $900 570 470 1150 1,150 Total liabilities and stockholders equity $2.650 $2.520 130 Total current assets Property, plant, and equipment (net) Investments Intangibles and other assets Total assets Current liabilities Long-term liabilities Stockholders' equity-common IVANHOE COMPANY Income Statements For the Year Ended December 31 (in thousands) 2017 2016 $3,890 $3,550 Sales revenue IVANHOE COMPANY Income Statements For the Year Ended December 31 (in thousands) 2017 2016 $3,890 $3,550 Sales revenue Costs and expenses Cost of goods sold 1,080 1,000 Selling & administrative expenses 2,400 2,330 20 3,490 3,350 400 200 80 240 $ 120 Interest expense 10 Total costs and expenses Income before income-taxes Income tax expense Net income 160- Compute the following ratios for 2017 and 2016. (Round current ratio and inventory turnover to 2 decimal to 1 decimal place, eg, 1.8 or 12.6%.) (a) Current ratio. (b) Inventory turnover. (Inventory on December 31, 2015, was $410.) (c) Profit margin. (d) Return on assets. (Assets on December 31, 2015, were $2,720) e) Return on common stockholders' equity (Equity on December 31, 2015, was $ 970.) (f) Debt to assets ratio. (g) Times interest earned. 2017 2016 1.71:1 1.68 :1 Current ratio. 1.94 Inventory turnover