Diane Reed Comparative Balance Sheet December 31, 2022 and 2021 Balance Sheet 2022 2021 Cash & Cash Equivalents 1,452,000 1,185,000 Accounts Receivable 5,284,000 4,480,000 Inventories 9,153,000 8,008,000 Other current assets. 637,000 476,000 Total Current Assets. 16,526,000 14,149,000 Property, Plant & Equipment 8,125,000 5,823,000 Intangibles 35,941,000 34,382,000 Other non current assets 368,000 368,000 Total Assets. 60,960,000 54,722,000 2022 2021 Accounts Payable 3,801,000 3,593,000 Payroll, Benefits and Incentives 2,814,000 2,484,000 Other Accrued and Contingencies 3,178,000 2,557,000 Short Term Debt 3,044,000 2,085,000 Current portion of Long Term Debt 653,000 47,000 Total Current Liabilities. 13,490,000 10,766,000 Long Term Debt. 8,057,000 8,350,000 Deferred Taxes. 3,702,000 3,426,000 Other liabilities 1,137,000 858,000 Shareholders' Equity 34,574,00 31,322,000 Tot. Liab & Equity 60,960,000 54,722,000 Diane Reed Comparative Income Statement For the years ended December 2022, 2021 and 2017 2022 2021 2020 Net Sales 86,472,000 76,330,000 44,821,000 Cost of Merchandise Sold 68,182,000 60,222,000 33,079,000 Gross Profit 18,290,000 16,108,000 11,742,000 Operating Expenses 12,244,000 11,314,000 9,301,000 Income from Operations 6,046,000 4,794,000 2,441,000 Other items 2,834,000 2,157,000 1,072,000 Net Income 3,212,000 2,637,000 1,369,000 Diane Reed is a retailer with over 500 stores throughout Australia, New Zealand and Southeast Asia. These stores are similar to convenient stores in the United States, located in easily accessible street corners, offering a combination of perishable and non-perishable goods. Last few years, there has been rumors about an extremely successful Canadian based retailer, Duane Mede, entering the Australian market with its exceptional expertise in merchandising know-hows. Additional information: Market prices of common stock: $22.93 and $22.05 on 12/31/2022 and 2021 respectively Common stock shares outstanding: 3,000,000 and 2,500,00 0 shares for 2022 and 2021; No preferred stocks outstanding 12/31/2020 balance sheet showed: Accounts Receivable: $ 2,382,000 Inventory: $7,560,000 Total Assets: $54,050,000 Required: Evaluate Diane Reed performance (see assignment details) You will calculate profitability ratios such as return on total assets, earnings per share, PE (price earning) ratio, and liquidity ratios such as working capital, current ratio, days sales in receivables based on the companys income statement and balance sheet. Additionally, you will perform horizontal and vertical analyses on the companys income statement. After you have finished all computations, I want you to take a step back and think through what you have learned about the companys performance based on all the analyses form an opinion and describe how the company is doing based on information you have