Part 5 answer the following question (4 marks) Q12: use the numbers from the following financial statements to calculate the following ratios, explain your results? Windswept, Inc. 2008 Income Statement ($ in millions) Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable income Less: Taxes Net income $8,450 7,240 400 810 70 $ 740 259 $ 481 Windswept, Inc. 2007 and 2008 Balance Sheets (S in millions) 2007 2008 Cash $ 120 S 140 Accounts payable Accounts rec. 930 780 Long-term debt Inventory 1.480 1.520 Common stock Total $2,530 S2,440 Retained earnings Net fixed assets 3.150 Total assets $5.680 56,040 1- What is Quick ratio for year 2008? 2009 2008 S1,110 S1.120 80 1.210 3.200 3.000 30 T10 $5.080 $0.00