????10-Accounting Principles I Memo: Analyze Basic Financial Statements Assignment This assignment is worth 5% of your grade Deadline Due by the end of Week 5 at 11:59 pm, ET Completing this Asswssment will help you to msovt the following Course Outcomes *Analyze basic financial statements using computerization. Inderpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and repeet financial inforasation for a service business using computerization Institutional Oulcomes Quantitative and Scientific Reasoning- Follow established methods of inquiry and mathematical reasoning to form conclusons and make decisions. . Directions Precision company wishes to expand but needs a 5300,000 loan. The bank requests that Precision prepare a balance sheet and key financial ratios. Precision has kept formal records an is able to provide financial statements as of December 31, 2017. The industry debe ratio average 45.00%. The industry return on assets is 20%. You represent Idenl Rank and will present your findings in a memo to report the ratios for Precision, and identify the conclusion of your opinion reached from your analysis of the company's financials. The memo is to be copied and distributed to the VP of Ideal Bank, so a well-written and detailed memo is crucial Your memo will be crucial to bank leaders' decision to lend Precision the 5300,000, Make sure you use complete sentences. Check your work for proper spelling, grammar and punctuation. There is no set format. However, to receive full credit, you must fully answer each requirement below Required: Use the financial statements below of Precision Co. to complete the requirements. 1a. Compute Precision's return on total assets for 2017 (Return on total assets is defined in your textbook) 1b. ldentify and explain its building block category foe financial statement analysis