according to the balance and income sheet what are the following answers and indicate the meaning of your solution for each ratio;

51 52 Ratios for George Better (B) or Worse (W) 53 54 55 56 Ratio Profit margin Return on assets Return on equity Receivables turnover Quick ratio Debt to total assets Fixed charge coverage Industry Average 17.50% 20.80% 35% 4.6x 0.85 0.45 3.6x 57 58 59 60 61 62 63 64 65 66 67 68 B D E F G H | J K L M 1 2 3 4 5 6 7 8 9 (28 points) Given the financial statements for George Company, (1) compute all the ratios that are asked for George (please show formulas and detailed calculation process); (2) indicate the meaning of your solution for each ratio; |(3) compare each ratio of George to the given industry average and answer if a particular ratio for George is better or worse than the industry average. 10 11 12 13 14 George Company Balance Sheet As of December 31, 2020 15 16 A B D D E F G . 1 J K L M N 18 19 20 21 Cash Account Receivable Inventory Net Plant and Euipment Total Assets $20,000 85,000 50,000 250,000 $405,000 22 23 24 25 LIABILITIES AND STOCKHOLDERS' EQUITY 26 27 Account Payable Accrued Expenses $40,000 65,000 28 29 30 31 32 Long-Term debt Common Stock Paid-In capital Retained earnings Total Liabilities and Stockholders' Equity 130,000 100,000 10,000 60,000 $405,000 33 34 35 36 37 George Company Income Statement For the Year Ended December 31, 2020 38 39 40 41 42 43 44 45 Sale (60% on credit) Cost of Goods Sold Gross Profit Sales and Administrative Expense Fixed Lease Expenses Depreciation Operating Profit Interest Expense Profit before Taxes Taxes (35%) Net Income $540,000 200,000 340,000 20,000 10,000 40,000 270,000 18,000 252,000 88,200 $163,800 46 47 48 49 50