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. Income Statement Dandy Distributors Ltd. Statement of Changes in Equity Dandy Distributors Ltd. Balance Sheet At December 31, 2020 Assets Current Cash Accounts receivable, net Inventories Plant assets Land Building, net Patents, net Goodwill \begin{tabular}{|c|c|} \hline 2020 & 2019 \\ \hline$63,000 & $20,540 \\ \hline 4,020,000 & 4,221,000 \\ \hline 2,420,000 & 2,468,400 \\ \hline 6,503,000 & 6,709,940 \\ \hline 8,624,000 & 8,541,260 \\ \hline 6,537,000 & 6,929,220 \\ \hline 27,300 & 27,300 \\ \hline 25,600 & 25,600 \\ \hline 15,213,900 & 15,523,380 \\ \hline$21,716,900 & $22,233,320 \\ \hline \end{tabular} Liabilities Current Trade accounts payable Estimated current liabilities Estimated warranty liabilities Note payable Dividends payable Interest payable Salaries and benefits payable Sales tax payable Unearned rent Current portion of mortgage payable Corporate income taxes payable Non-current Mortgage payable Less: Current portion Total liabilities Common stock, \$1 per share Preferred stock, $10 per share Retained earnings (deficit) Total liabilities and S/H equity Stockholders' Equity \begin{tabular}{|c|c|} \hline 679,400 & 652,000 \\ \hline 19,670 & 19,670 \\ \hline 6,103,520 & 5,353,112 \\ \hline 6,802,590 & 6,024,782 \\ \hline$21,716,900 & $22,233,320 \\ \hline \end{tabular} Dandy Distributors Ltd. Selected Financial Ratios