Consider the following comparative income statement and additional balance sheet data for Classic Fashions, Inc.

Additional data follow:

Requirements
1. For 2011 and 2012, compute the five ratios that measure how the business is investing its money and whether it is using its assets efficiently. Round each ratio to two decimal places. Assume all sales on credit.
2. Did the company€™s performance improve or deteriorate during2012?

Classic Fashions, Inc. Income Statement Years Ended Decembar 31, 2012 and 2011 2012 2011 Net Salas Cost of Goods Sold Gross Profit Selling and General Expenses Income From Operations Interest Expense Income Before Income Tax Income Tax Expense Net Income S239,000 $250,000 150,000 100,000 136,000 103,000 62,000 41,000 16,400 24,600 40,000 14.450 25,550 5,550 2012 201 12010 Accounts receivable Inventory 27,000 21,000 18,000 13,500 9,000 16,000 43,500 42,000 3,000 256,500 238,000 216,000 $300,000 $280,000 $255,000 nt assets.. Fixed assets Total Assets