Question 1 You are on the Board of Company Y. The CFO of Company Y did some comparisons of a competitor, Company X and came up wth the following summary. The tho companies have the same total assets. Company X has a higher total assets tumover than Company Y. Company X has a higher net ncome margin than Company Y. Company Y has a higher inventory tumover ratio than Company X. Company Y has a higher current ratio than Company X. With these data, the CFO made the following comments: Company X must have a higher net income. 2. Company Y must have a higher quick ratio There is a meeting soon to ffscuss the matter. You have just completed the finance module at the SMU-SID Finance for Directors program, and you are now familiar with financial ratios. You to vidate if the two statements trom the CFO is correcv Being diligent, you hurriedly came up with the following table that depicts the situate7 above: Companies otal assets tumover (Sales/Assets) Net ncome margin (Net income/Sales) Inventory turnover (Sales/lnventory) Current ratio (Current Assets/Current Liabilities $1,000 $100 Inventory 18% $1,000 Net Income You need to: a fomplete the above table (with the appropriate numbers) before the meeting, and re the state *nts made by the two statements made