pplication Exercises Use the following sets of financial statements to complete Exercises 1 through 8: The T Resort Income Statement For the year ended December 31, 2008 Revenues Cost of Goods Sold Salaries and Wages Employee Benefits Other Expenses Depreciation Net Income Net Income $18,680.00 The T Resort Balance Sheets As of December 31, 2007, and 2008 Cash Accounts Receivable Marketable Securities Inventory Prepaid Rent Total Current Asset Furniture, Fixtures and Equipment (FF\&E) Accumulated Depreciation (FF\&E) Building Long-term Investments Long-term Assets Total Assets 86 CHAPTER - ANALYZING FINANCIAL STATEMENTS Accounts Payable Accrued Payroll Accrued Taxes Total Current Liabilities Long-term Debt Owner's Equity Retained Earnings Total Owner's Equity $14,000.00 9,450.00 8,560.00 32,010.00 12,500.00 30,490.00 30,000.00 60,490.00 $105,000.00 $12,460.008,000.006,980.0027,440.0020,000.0029,860.0048,680.0078,540.00 $125,980.00 1. Utilizing the income statement and balance sheet provided, assist Ms. Blackwell with her analysis by calculating the following ratios for 2008. Current ratio Accounts receivable turnover Average collection period Food inventory turnover Fixed asset turnover Total asset turnover Profit margin Return on assets Return on equity Long-term debt to total capitalization Debt-to-equity ratio Time interest earned Fixed charge coverage