Apply Excel (Part 2) Revise your calculations based the new information provided below and then answer the questions that follow. Cash Accounts receivable Inventory Long term assets Total assets Current Previous $ 50,000 $40,000 20.000 25,000 80,000 60,000 160,000 135,000 $310,000 $260,000 Current liabilities Long-term liabilities Total liabilities Stockholdersequity Total liabilities and stockholders' equity Current $ 60,000 80,000 140,000 170,000 $310,000 Previous $ 50,000 70,000 120,00 140,000 $ 260,000 Total liabilities and stockholders' equity $310,000 $ 260,000 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Net income Current $300,000 200,000 40,000 10,000 20,000 $ 30,000 Stock price Average shares outstanding $ 40.00 10,000 Required: 1. Use your spreadsheet to recalculate the ratios and enter your results here (Round your answers to 2 decimal places.) Ratio: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity Earnings per share Price camins ratio S mes 3. Asset turnover measures sales volume in relation to the investment in assets and is a good indication of how well a company is utilizing its 4. The gross profit ratio measure how much of each sales dollar a company ears as profit after paying for its cost of sales, and will tend to as competition and other market forces impact a company's performance