12 2019 3. Use the following information for ratio analysis X Corporation 2018 and 2019 Balance Sheet 2018 2008 2009 Assets Current assets Cash $ 84 98 Accounts receivable 165 188 Inventory 393 422 Total $6412 $ 708 Fixed assets Net plant and equipment $2.731 $2,850 Total assets $3.373 $3,588 Liabilities and Owners' Equity Current tabiities Accounts payable $ 312 $ 344 Notes payable 231 196 Total $ 543 $ 540 Long-term debit $ 531 $ 457 Owners' equity Common stock and paid-in surplus $ 500 $ 550 Retained earrings 1.799 2.041 $2.299 $2.591 Total liabilities and owners' equity $3,373 $3,588 Tots $2,311 1,344 278 X Corporation 2019 Income Statement Sales Cost of goods sold Depreciation Earnings before Interest and taxes Interest pald Taxable income Taxes (34%) Net Income $ 691 141 $ 550 187 363 (a) Calculate and interpret the Return on Asset for 2019. If the industry benchmark for Return on Asset is 20% and the deposit rate in a bank is 11%, what will be your opinion regarding X corporation? 1 (calculation)+2 (Interpretation) (b) Calculate and interpret the inventory turnover for 2019. If the industry benchmark for inventory turnover is 0.8, what will be your opinion regarding X corporation? Provide a detailed explanation. 1(calculation)+2(Interpretation) (c) If the annual sales for 2018 is 2200, calculate and interpret the average collection period for 2018. If the industry benchmark for average collection period 10, what will be your opinion regarding X corporation? Provide a detailed explanation. 1+2 (d) Calculate and interpret the debt ratio for 2018. If the industry benchmark for debt ratio is 60%, what will be your opinion regarding X Corporation? Provide a detailed explanation. 1(calculation)+2(Interpretation)