Please answer each part in Excel with proper labels and formulas showing all calculations for a great rating. Thank you!

P 8-13 Required Answer the following multiple-choice questions: a. Which of the following is not considered to be a nonrecurring item? 1. Discontinued operations 2. Extraordinary items 3. Cumulative effect of change in accounting principle 4. Interest expense 5. None of the above. b. Ideally, which of these ratios will indicate the highest return for an individual firm? 1. Return on assets 2. Return on assets variation 3. Return on investments 4. Return on total equity 5. Return on common equity If a firm's gross profit has declined substantially, this could be attributed to all but which of the following reasons? c. 1. The cost of buying inventory has increased more rapidly than selling prices. 2. Selling prices have declined due to competition. 3. Selling prices have increased due to competition. 4. The mix of goods has changed to include more products with lower margins. 5. Theft is occurring d. Gross profit analysis could be of value for all but which of the following? 1. Projections of profitability 2. Estimating administrative expenses 3. Inventory for interim statements 4. Estimating inventory for insurance claims 5. Replacing the physical taking of inventory on an annual basis e. Total asset turnover measures 1. Net income dollars generated by each dollar of sales 2. The ability of the firm to generate sales through the use of the assets