Data Table Data Table Life Long, Inc. Comparative Balance Sheet As of December 31, 2018 and 2017 Life Long, Inc. Income Statement For the Year Ended December 31, 2018 Net Sales Revenue $ 7,000,000 Cost of Goods Sold 4,200,000 2018 2017 und yol Assets Cash $ 75,000 $ 63,000 Gross Profit 2,800,000 2,450,000 Accounts Receivable 60,200 28,800 1,800 1,200 Supplies Property, Plant, and Equipment, net Operating Expenses Operating Income Other Income and (Expenses): 350,000 298,000 157,000 207,000 108,000 (Enter) Patents, net (33,000) S Total Assets 592,000 $ Interest Expense Income Before Income Tax Expense 408,000 317,000 110,950 Income Tax Expense 30,000 $ 206,050 Net Income 53,000 Liabilities and Stockholders' Equity Accounts Payable $ 28,000 $ Short-term Notes Payable 147,000 Long-term Notes Payable 195,000 Common Stock, no Par 199,000 23,000 Retained Earnings Print Done 125,500 187,000 12,500 atio. Print Done Consider the following condensed financial statements of Life Long, Inc. The company's target rate of retum is 40% (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Read the requirements Requirement 1. Calculate the company's ROI. Round all of your answers to four decimal places. Begin by selecting the formula to calculate return on investment (ROI), and then enter the amounts to calculate the company's ROI. (Round your calculations to four decimal places and enter your final to the nearest hundredth of a percent, X.XX%) ROI Requirement 2. Calculate the company's profit margin ratio. Interpret your results. Begin by selecting the formula to calculate profit margin ratio, and then enter the amounts to calculate the company's profit margin ratio. (Enter your final to the nearest hundredth of a percent, X.XX%) Profit margin ratio The company's profit margin ratio tells us that they eam S ot for every dollar of Requirement 3. Calculate the company's asset turnover ratio. Interpret your results Begin by selecting the formula to calculate asset turnover ratio, and then enter the amounts to calculate the company's asset tumover ratio. = Asset tumover ratio Consider the following condensed financial statements of Life Long, Inc. The company's target rate of return is 40% (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Read the requirements, to generate The company's asset turnover ratio explains how efficiently a company uses its The company is generating $ of with every $1.00 of Requirement 4. Use the expanded ROI formula to confirm your results from Requirement 1. Interpret your results. First, select the expanded ROI formula. ROL Using the expanded formula, the ROI for Life Long, Inc. is To determine what is driving a company's ROI, management often restates the ROI equation in its expanded form. The ROI calculated with the expanded formula V with the ROI calculated in Requirement 1. Requirement 5. Calculate the company's RI. Interpret your results. First, select the formula to calculate residual income (RI). x = RI The RI for Life Long, Inc. is S Life Long, Inc. is management's target rate of return