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The balance sheet and income statement for the J. P. Robard Mfg.Company are given below. Calculate the following ratios: currentratio, debt ratio, times interest earned, average collectionperiod, inventory turnover, fixed asset turnover, total assetsturnover, gross profit margin, operating profit margin, operatingreturn on assets, return on equity.DATABalance Sheet: (000)Cash$500Accounts receivable2,000Inventories1,000 Current assets$3,500Net fixed assets4,500 Total assets$8,000Accounts payable$1,100Accrued expenses600Short-term notes payable300 Current liabilities$2,000Long-term debt2,000Owners' equity4,000 Total liabilities and owners' equity$8,000Income Statement: (000)Sales (all credit)$8,000Cost of goods sold3,300 Gross profit$4,700Operating expenses (includes $500 depreciation)3,000 Operating profit$1,700Interest expense367 Earnings before taxes$1,333Income taxes (40%)533 Net income$800SOLUTIONCalculate 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