PROBLEM 4-6 RATIO ANALYSIS The balance sheet and income statement for the J. P. Robard Mfg. Company are given below. Calculate the following ratios: current ratio, debt ratio, times interest earned, average collection period, inventory turnover, fixed asset turnover, total assets turnover, gross profit margin, operating profit margin, operating return on assets, return on equity DATA Balance Sheet: (000) Cash Accounts receivable Inventories S500 2,000 1,000 S3,500 4,500 $8,000 Current assets Net fixed assets Total assets Accounts payable Accrued expenses Short-term notes payable S1,100 600 300 S2.000 2,000 4,000 $8,000 Current liabilities Long-term debt Owners' equity Total liabilities and owners' equity Income Statement: (000) Sales (all credit) Cost of goods sold Gross profit Operating profit Earnings before taxes $8,000 3,300 S4,700 3,000 S1,700 367 S1,333 533 S800 Operating expenses (includes S500 depreciation) Interest expense Income taxes (40%) Net income