Chapter 9, "Problem" 23 (Sew Cool ratios) 23. In Chapter 4, Heather Miler started her own business, Sew Cool. The financial statements for December were presented in Chapter 7 and are shown again below. For convenience, assume the business was started on January 1, 20XB with no assets. Sew Cool Income Statement as of December 31, 20x8 $ Revenue Cost of Goods Sold Gross Profit 4,000 2.000 2.000 Sew Cool Income Statement as of December 31, 20x8 (1,695) 305 Other Expenses Earnings before Tax Tax Expense Net Income 107 $ 198 Sew Cool Statement of Retained Earnings as of December 31, 20x8 Retained Earnings, December 1, 20x8 Net Income Dividends Retained Earnings, August 31 $ 500 198 158 540 Sew Cool Balance Sheet December 31, 20X8 Liabilities Assets S 940 $ 900 Current Accounts Payable Income Tax Payable Total Current Liabilities 500 120 (20) 1.020 Current Cash Accounts Receivable Less Allowance for Doubtful Accounts Net Accounts Receivable Inventory Total Current Assets Noncurrent Equipment 480 700 2,120 1,000 1,060 Noncurrent Notes Payable Owners' Equity Capital Stock Retained Earrings Total Owners' Equity Total Liabilities & Owners Equity 500 540 1.040 Total Assets S 3,120 $ 3.120 Based on the financial statements determine the following: a Gross profit perontage