FINANCIAL STATEMENTS ANALYSIS TRANSPIRE INC A large loss occurred in 2017 at Transpire Inc in Canterbury, rather than the expected profit As a result, its stakeholders are concerned about the firm's performance You are hired as the new Chief Financial Officer and are given the task of getting the company back into a sound financial position. Transpire's 2016 and 2017 balance sheets and income statements, together with projections for 2018, are shown in the following tables. The tables also show the 2016 and 2017 financial ratios, along with industry average data. The 2018 projected financial statement data represent the best projection for 2018 results, assuming that some new financing is arranged to get the company "over the hump" and back on track. You must prepare an analysis of where the company is now, what it must do to regain its financial health, and what actions should be taken Table 1. Transpire Inc. Balance Sheets 2016 2017 2018e Assets Cash Short-Term Investments Accounts Receivable Inventories $7,482 $20,000 $652,160 715,200$1,287,360 1,123,000$1,967,002 S1,202,950 $263,160 $939,790 $1,467,800$2,906,792 $15,000 $71,632 $878,000 $1,816,480 $2,781,112 $1,220,000 $383,160 $836,840 $3,617,952 8,000 48,600 351,200 Total Current Assets Gross Fixed Assets Less: Accumulated Depreciation 491,000 146,200 $ 344,800 Net Fixed Assets Total Assets Liabilities And Equit Accounts Pavable Notes Pavable Accruals 2016 2017 2018e $324,000 $701,800 $284,960 $ 480,60o$1,310,760 323,432$1,000,000 $536,800 $59,232 $596,032 1,467,800$2,906,792 $359,800 $301,000 $380,000 $1,040,800 $600,000 $1,680,936 $296,216 $1,977,152 $3,617,952 $ 145,600 200,000 135,000 Total Current Liabilities Long-Term Debt Common Stock Retained Earnings 460,000 203,768 663,768 Total Equit Total Liabilities And Equit