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Sales Less: Cost of Sales Gross Income from Sales Less: Expenses: Selling Expense Administrative Expenses Net Income Danski Computer Shop and Caf Income Statement December 31, 201X P200,000 100,000 P2,000,000 1,200,000 800,000 300,000 P500,000 Sales Less: Cost of Sales Gross Income from Sales Less: Expenses: Selling Expense Administrative Expenses Net Income Danski Computer Shop and Caf Income Statement December 31, 201X P200,000 100,000 P2,000,000 1,200,000 800,000 300,000 P500,000 A. Analyze the balance sheet and income statement and compute for the following financial ratios: acid-test ratio and asset turnover ratio. Danski Computer Shop and Caf Balance Sheet December 31, 201X Assets Liabilities and Capital Cash P200,000 Accounts Payable P800,000 400,000 Temporary Investments 150,000 Mortgage Payable - 5 years Accounts Receivable (net) 450,000 Owner's Equity 1,400,000 Inventories 400,000 Equipment (net) 1,100,000 Other Assets (non-current) 300,000 P2,600,000 P2,600,000