3. Use the balance sheet and income statement of Dalek Plumbing Supplies below to answer the questions on the following pages. Be sure to calculate ratios and percentages to 2 decimal places. Dalek Plumbing Supplies, Inc. Balance Sheet December 31, 2020 Dalek Plumbing Supplies, Inc. Income Statement For year ending Dec. 31, 2020 Assets: Revenue Current Assets Net Sales $452,000 Bank $ 42,000 Accounts Receivable 67,000 Cost of Goods Sold Merchandise Inventory 123,000 $232,000 Beginning Inventory $ 87,000 Plant and Equipment Purchases 242,000 Land $87,000 Merch. Available for Sale 329,000 Building, net 124,000 Ending Inventory 123,000 206,000 Long-Term Liability Equipment, net Total Assets Liabilities and Equity Current Liabilities Bank Loan Accounts Payable Mortgage Payable Shareholders' Equity Share Capital Total Liabilities and Equity 26,000 237,000 $469.000 Gross Profit 246,000 Operating Expenses Bank Charges 7,000 $83,000 Depreciation Expense 25,000 45,000 $128,000 Management Salaries 67,000 Miscellaneous Expense 8,000 142,000 Telephone Expense 13,000 Utilities Expense 42,000 Retained Earnings $70,000 129,000 199,000 $469.000 Wages Expense 106,000 268,000 Net Loss ($ 22,000) Ratio Formulae 1) Total C.A. Total C.L. 2) Total L. x 100% 3)=N.L. x 100% a) Calculate the following ratios, showing all your work to two decimal places. Under each result, write a brief comment that explains and evaluates the result. (1 A, 1 C each - 6 total) 1. Current Ratio= Total A. N.S. 2. Debt Ratio== C 3. Return on Net Sales