Long-term debt ratio Times interest earned Current ratio Quick ratio Cash ratio Inventory turnover Average collection period 0.1 10.0 1.2 1.0 0.4 3.0 73 days Use the above information from the tables to work out the following missing entries, and then calculate the company's return on equity. Note: Turnover and the average collection period are calculated using start-of-year, not average, values. (Enter your answers in millions. Round intermediate calculations and final answers to 2 decimal places.) Answer is complete and correct. INCOME STATEMENT (Figures in $ millions) Net sales $ 240.00 Cost of goods sold 120.00 Selling, general, and administrative expenses 24.00 Depreciation 34.00 Earnings before interest and taxes (EBIT) $ 62.00 Interest expense 6.20 Income before tax $ 55.80 Tax (35% of income before tax) 19.53 Net income $ 36.27 Answer is complete but not entirely correct. BALANCE SHEET (Figures in $ millions) This Year Last Year Assets Cash and marketable securities $ 20.00 $ 34 Accounts receivable 30.00 48 Inventories 10.00 40 Total current assets $ Net property, plant, and equipment Total assets 60.00 $ 220.00 122 39 $ 280.00 $ 161 Liabilities and shareholders' equity Accounts payable $ Notes payable 20.00 30.00 $ 15 35 Total current liabilities $ 50.00 $ 50 Long-term debt Shareholders' equity 28.00 x 22 202.00 x 89 Total liabilities and shareholders' equity $ 280.00 $ 161