2. Mr. Torun Corporation provided the following Statements for 2019-20 Balance Sheet 2020 2019 Assets $ $ Cash 40,000 70,000 Accounts Receivable 320,000 350,000 Inventory 460,000 320,000 Total Current Asset 820,000 740,000 Gross Fixed Assets 560,000 520,000 Accumulated Depreciation 180,000 150,000 Net Fixed Asset 380,000 370,000 Total Asset 1,200,000 1,110,000 Liabilities & Stockholders Equity Current Liabilities Accounts Payable 390,000 320,000 Notes Payable 110,000 90,000 Accrued Expense 20,000 20,000 Total Current Liabilities 520,000 430,000 Long Term Debt 320,000 350,000 Total Liabilities 840,000 780,000 Stockholders Equity Common Stock at par 100,000 100,000 Share Premium Reserve 150,000 150,000 Retained Earnings 110,000 80,000 Total Liabilities & Stockholders Equity 1,200,000 1,110,000 Income Statement 2020 $ Sales 2,200,000 Cogs 1,420,000 Gross Profit 780,000 Operating Expenses 600,000 Operating Income (EBIT) 180,000 Interest 29,000 Earnings before Tax (EBT) 151,000 Tax (30%) 45,000 Earnings after Tax (Net Income) 106,000 Additional Information: 1. Purchased equipments paying $40,000 cash. 2. Annual depreciation expense was $30,000. 3. Paid cash dividend of $76,000. 4. No sale of fixed asset. Required a. Prepare a Cash Flow Statement for the year ended June 2020. (12) b. Calculate the following Ratios for the year ended June 2020 and also indicate the significance of each ratio (18) Current Ratio, Quick Ratio, Accounts Receivable Turnover, Profit Margin, Asset Turnover, ROA, Return on Common Stockholders Equity, Debt to Asset, Times Interest Earned ratio.