It is important to track performance as you operate your business so that you can adjust decisions to improve results. This part of the assignment shows how to calculate a number of financial measures (called Financial Ratios or a Ratio Analysis) you can use to monitor performance. Use the guidance and financial statements below to perform the calculations. Assume no dividends have been distributed, and retained earnings is the cumulative profit for the business. Balance Sheet (December 31, 20xx) Cash $14,000 Loans Payable $5,000 Rent Deposit $10,000 Total Liabilities $5,000 Inventory $27,000 Stock $40,000 Retained Earnings $6,000 Total Equity $46,000 Total Assets $51,000 Total Liab. and Equity $51,000 Income Statement (Quarter Ending December 31, 20xx) Sales Cost of Goods Sold Gross Margin Advertising/Promotion Payroll Expense Other Expense Total Expenses Profit Before Taxes Taxes (@30%) Profit After Taxes $120,000 $62,000 $58,000 $15,000 $28,000 $12,000 $55,000 $3,000 $900 $2,100 Use the information above to answer the two below questions regards your simulation store: