* View the tutorial, then complete the worksheet, replacing the question marks below with formulas. Required: 1. Based on the information below, calculate the financial ratios as indicated. Given Information:* Answers: Current Previous Gross profit ratio: Gross profit = 300,000 = ? % Cash $50,000 $40,000 Net sales 22,500 Accounts receivable 20,000 25,000 Inventory 80,000 60,000 Return on assets: Net income = ? = ? % Long-term assets 160,000 135,000 Average total assets ? Total assets $310,000 $260,000 Profit margin: Net income = ? = ? % Current Previous Net sales ? Current liabilities $60,000 $50,000 Long-term liabilities 80,000 70,000 Asset turnover: Net sales = ? = ? times Total liabilities 140,000 120,000 Average total assets ? Stockholders' equity 170,000 140,000 Total liabilities and stockholders' equity $310,000 $260,000 Return on equity: Net income = ? = ? % Average stockholders' equity ? Current Earnings per share: Net income** = ? = ? Net sales $300,000 Average shares oustanding ? Cost of goods sold 200,000 Operating expenses 40,000 Price-earnings ratio: Stock price = ? = ? Interest expense 10,000 Earnings per share ? Income tax expense 20,000 Net income $30,000 Stock price $40.00 Average shares outstanding 10,000 ** Dividends on preferred