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Wells Incorporated reported the following common size data for the year ended December 31, 20X7:
Income Statement
%
Sales
100.0
Cost of goods sold
58.2
Operating expenses
30.2
Interest expense
0.7
Income tax
5.7
Net income
5.2
Balance sheet
Cash
4.8
Accounts payable
15.0
Accounts receivable
14.9
Accrued liabilities
13.8
Inventory
49.4
Long-term debt
23.2
Net fixed assets
30.9
Common equity
48.0
Total assets
100.00
Total liabilities & equity
For 20X6, Wells reported sales of $183,100,000 and for 20X7, sales of $215,600,000. At the end of 20X6, Wells' total assets were $75,900,000 and common equity was $37,800,000. At the end of 20X7, total assets were $95,300,000. Calculate Wells' current ratio and return on equity ratio for 20X7.
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