Question Completion Status: From the Balance Sheet and Income Statement Information below, calculate the following ratios Return on Sales Current Ratio Inventory Turnover - If there are no beginning inventory or ending inventory figures, then use the Merchandise Inventory figure. ABC INC. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income Interest Expense Income Before Taxes Income Tax Expense Net Income $20,941 7,055 13,886 7,065 6,821 210 6,611 2563 $4,048 ABC INC. Balance Sheet December 31, 2018 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets Long-Term Assets Total Assets $2,450 1.813 1.324 1.709 7.296 18.500 $25.796 Total Current Assets Long-Term Assets Total Assets 7,296 18,500 $25,796 Liabilities Current Liabilities Long-Term Liabilities Total Liabilities $7,320 4,798 12,028 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 6,568 7,200 13,768 $25,796 2 NOTES: 1- Round up 2. Your responses should be in the following formats XX% b. XX C. XXX QUESTION 2 1. Identify balance sheet items. Classify the items listed under the following bala Assets Liabilities Owners' equity Cash