From the balance sheet prepared for the problem above, compute ratios to analyze the financial performance of the company. Assume Sales was $ 1,600,000 and Net Income was $ 320,000.

Imamani Corporation Balance Sheet December 31, 20X5 Liabilities and Stockholder's Equity Current liabilities Assets Current assets Cash Accounts receivable Inventories Prepaid insurance Total Current Assets $182,345 56,766 121,008 3,883 Accounts payable Interest payable Total Current Liabilities $78,011 31,117 $109,128 364,002 Long-term liabilities Loan payable Total Liabilities 1,000,000 1,109,128 Long-term investments Cash value of insurance Land held for speculation Total Long-term Investments 25,000 156,098 Stockholders' equity $755,000 646,992 181,098 Capital stock Retained earnings Total Stockholders Equity Property, Plant, and Equipment 1,401,992 $278,790 Land Building Less: Accum. Depreciation (988,777 1,001,999 Equipment Less: Accum. Depreciation (477,654) 410,231 Total Property, Plant, and Equipment 1,990,776 887,885 1,691,020 Intangible assets Patent 275,000 Total Liabilities and 2,511,120 Stockholder's Equity Total Assets $2,511,120