Cross-sectional ratio analysis Use the ancial statements for Fox Manufacturing Company for the year ended December 31, 2021, along with the industry average ratios 10 . Prepare and interpreta complete patio wysis of the 2001 operations Enterall ratios in decimal format b. Summae your findings and make recommendations a. The current ratio is (Round to two decimal places.) Clear all Checkans Wow an example Get more help Fox Manufacturing Company Income Statement for the Year Ended December 31, 2021 Sales revenue $595,000 Less: Cost of goods sold 459,000 Gross profits $136,000 Less: Operating expenses General and administrative expenses $30,000 Depreciation expense 29,900 Total operating expense 59,900 Operating profits $76,100 Less: Interest expense 9,800 Net profits before taxes $66,300 Less: Taxes 15,000 Net profits after taxes (earnings available $51,300 for common stockholders) Earnings per share (EPS) $2.45 (Click the icon here in order to copy the contents of the data table below into a Fox Manufacturing Company Balance Sheet December 31, 2021 Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable Accruals Total current liabilities Long-term debt Common stock equity (20,000 shares $15,000 6.900 34,500 82,500 $138,900 274,000 $412,900 $56,900 13,500 4,800 $75,200 $155,300 Liabilities and Stockholders' Equity Accounts payable Notes payable Accruals Total current liabilities Long-term debt Common stock equity (20,000 shares outstanding) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $56,900 13,500 4,800 $75,200 $155,300 $109,800 72,600 $182,400 $412,900 preadsheet.) Ratio Industry average, 2021 Current ratio 2.46 Quick ratio 0.89 Inventory turnover* 4.47 times Average collection period 36.3 days Total asset turnover 1.01 Debt ratio 0.22 Times interest earned 12.1 Gross profit margin 0.194 Operating profit margin 0.132 Net profit margin 0.115 Return on total assets (ROA) 0.116 Return on common equity (ROE) 0.206 Earnings per share (EPS) $3.46 *Based on a 365-day year and on end-of-year figures