Before you begin, print out all the pages in this workbook. The financial statements of Dandy Distributors Ltd. are shown on the "Fcl. Stmts." page. Required: 1 Based on Dandy's financial statements, calculate ratios for the year ended December 31, 2020. Assume all sales are on credit. Show your work. 2 From these ratios, analyze the financial performance of Dandy. Dandy Distributors Ltd. Inrome Statement 2 Income (loss) from operations 1,570,710957,032 Other income (expenses) Rent revenue Income (loss) before interest and income taxes 1,757,710187,0001,157,122200,090 Interest expense Income (loss) before income taxes Income taxes (recovered) Net income (loss) Dandy Distributors Ltd. Statement of Changes in Equity For the Year Ended December 31, 2020 43 44 45 46 47 48 49 49 50 51 52 53 54 54 55 56 57 58 59 60 61 62 63 Dandy Distributors Ltd. Balance Sheet At December 31, 2020 Assets Liabilities Current \begin{tabular}{lrr} Trade accounts payable & $698,000 & $642,160 \\ Estimated current liabilities & 117,600 & 110,544 \\ Estimated warranty liabilities & 194,000 & 209,520 \\ Note payable & 24,200 & \\ Dividends payable & 77,700 & 81,630 \\ Interest payable & 14,300 & 14,157 \\ Salaries and benefits payable & 90,000 & 89,100 \\ Sales tax payable & 23,000 & 23,920 \\ Unearned rent & 19,500 & 16,674 \\ Current portion of mortgage payable & 2,237,764 & 1,621,014 \\ Corporate income taxes payable & 11,110 & 11,443 \\ \cline { 2 - 3 } & 3,507,174 & 2,820,163 \\ \cline { 2 - 3 } & & \end{tabular} Non-current Mortgage payable Le's5: Current portion Total liabilities Stockholders' Equity Common stock, \$1 per share 679,400652,000 Stockholders' Equity Common stock, $1 per share Preferred stock, $10 per share Retained earnings (deficit) Total liabilities and S/H equity \begin{tabular}{rrr} 679,400 & & 652,000 \\ 19,670 & & 19,670 \\ 6,103,520 & & 5,353,112 \\ \cline { 1 - 1 } 5,802,590 & & 6,024,782 \\ \hline$21,716,900 \\ & & $22,233,320 \\ \hline \end{tabular}