2022 2021 $64,500 0 Tarrant, Inc Balance Sheets December 31, 2022 and 2021 2022 2021 $164.150 $146,095 Assets 120 107 Current Assets: $164,270 $146,202 Cash Account receivable, net $38,500 $36,575 Inventory 51,400 48.316 Other Current Assets 17.250 17,250 Long-term assets: 6.785 6.785 Land 14,500 13,195 Building $128.435 $122.121 Equipment $35,835 $24,081 Accumulated Depreciation Total Assets $180,568 47.600 7.000 900 0 Tarrant Inc. Income Statement For the year ended December 31, 2022 Selected income statement data Net sales revenues Interest Revenue Total Revenue Expenses: Cost of goods sold Operating Expenses Depreciation Expense Interest Expense Income tax expense Total Expenses Net Income Requirements: 1. Calculate the following risk artions for 2021 & 2022. a. Receivables turnover ratio b. Average collection period c. Inventory turnover ratio d. Average days in inventory e. Current ration f. Acid-test ratio g. Debt to equity ratio h. Times interest earned ratio 4,500 500.000 0 800,000 0 62.000 40,000 (25,250) (8,000) $1,572.818 $101.000 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) Total liabilities Stockholders' Equity Common stock Paid-in Capital Retained earnings Treasury stock Total stockholders' equity Total liabilities and stockholders' equity $20,800 $ 2,800 750 7501 14,500 14,000 21,000 ol 48,014 0 475,869 30.000 $580,933 $47,550 2. Calculate the following profitability ratio for 2021 and 2022. a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity 120,000 20,000 904,000 0 57.885 33,450 (90,000) 0 $991,885 $53,450 $1,572,818 $101,000 3. Based on these ratios, is the risk and proftiabilty has increased from 2021 to 2022 or decrease. Please provide your detailed analysis