ANSWER SHEET 4 Last Name: First Name: Student ID: Section 2: Problem solving questions (Demonstrate your calculation steps P6 (20 points): to receive partial credit) Precision Tool 2012 Income Statement Net sales Less: Cost of goods solkd Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Less: Taxes Net income $36,408 28,225 6,423 $5,913 2.0720 Precision Tool 2011 and 2012 Balance Sheets 2011 2011 2012 $1,003Accounts payable $7250 4218 Long-term debt 9,800 21.908 Common steck 15,000 1 $2,060 11,500 17.500 3.825 3,411 Acceunts ree. Inventery Total Net flsed assets Total assets $24,247 S27-12, Retained earning 57 - 14.T $8407 41202 Total liab& equity $38,492 $41.292 28. What is the net working capital to total assets ratio for 2012? A 24.18 percent B. 36.82 percent C. 45.49 percent D. 51.47 percent E. 65.83 percent