1222.000 DUE ON 1/27/2021 [10 POINTS ] ASSIGNMENT 1: (PLEASE DROP THE COMPLETED ASSIGNMENT IN THE DROPBOX] INDIVIDUAL ASSIGNMENT. WINDOWS COMPATIBLE FORMAT ONLY [NO MACS PLEASE] Michigan Corp. has prepared the following financial statements: Michigan Corp Michigan Corp Income Statement Balance Sheet For the Year Ended Dec 31 2020 As of Dec. 31 2020 2020 Assets 2020 Sales 3,074,000 431,000 Cost of Goods Sold 2.068,000 Accounts Receivable 503,000 Gross Prole 380,000 Inventories 289.000 Selling and GRA Expenses 204,000 Total 35.000 Current Assets Pound Expenses Gross Fixed Assets 4,669.000 Depreciation Expense 230.000 Accumulated Depreciation EDIT 2205.000 450,000 Net Fixed Assets 2.374,000 Interest Expense 93,000 Total Assets 3.5970 Earings Before Taxes 325,000 Liabilities and Owners' Equity Taxes 94.000 Accounts Payable 382.000 Net Income 231,000 Short-term Notes Payable 79.000 d Expenses Total Current Liabilities 620,000 Long-term Debt 1023.900 Total Liabiles 1,643,000 Common Stock 819.000 Retained Earnings Total Shareholder's Equity 1,854,000 Total Liabilities and Owners' Equity 3,597,000 al Calculate all of the ratios (glven below) for Michigan Corp. for the year 2020 bj Using the following 2020 industry averages, evaluate Michigan Corp. 'financial situation. (That is benchmark each of the ratios uting Industry Average (Ind. Average for all ratios Indera HRM Int Aung FIRM Current Ratio Quick Ratio Times Interest Barned Tarestery Tere Ratio Accounts Receivate Turnover Ratio Pratit Margin Average Collection Period (Buy's in received Return on Total Assets 138.000 1.135.000 days Total Asset Tree Total Debt Ratio Rotura en Coman Equity 10.0% Benchmarking Example (nutrdited to save data Need to Benchmark all the reas where Hati Pirm Value Industry Average Comment Retum a quity (ROE) .8% Goed Current Ratio Powe