Changes in Various Ratios Presented below is selected information for Turner Company: 2019 2018 Sales revenue Cost of goods sold $950,000 $850,000 575,000 545,000 Interest expense 20,000 20,000 Income tax expense 27,000 30,000 Net income 65,000 55,000 Cash flow from operating activities 70,000 60,000 Capital expenditures 45,000 45,000 Accounts receivable (net), December 31 126,000 120,000 Inventory, December 31 196,000 160,000 Stockholders' equity, December 31 450,000 400,000 Total assets, December 31 750,000 675,000 Required Calculate the following ratios for 2019. The 2018 results are given for comparative purposes. Round answers to one decimal place. Use 365 days in a year. 2018 1. Gross profit percentage 35.9% 2. Return on assets 8.3% 3. Return on sales 6.5% 2019 % % % 4. Return on common stockholders' equity (no preferred stock was outstanding) 13.9% 200 % 5. Accounts receivable turnover 8.0 6. Average collection period 45.6 days days 7. Inventory turnover 8. Times-interest-earned ratio 3.6 5.3 9. Operating-cash-flow-to-capital-expenditures ratio 1.3