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1.3 Jassim received some financial information and has been asked to analyse some ratios to assess the company's performance in contrast with the industry averages and submit a report to the board of directors. Help Jassim in writing his report by considering the following points: 1.3.1 Explain the meaning of each ratio. 1.3.2 State the use of these ratios. 1.3.3 Compare them with industry averages and indicate the better ratio. (15 marks) Ratios Company ratios Industry averages Gross profit percentage 14% 24% Creditor payment period 36 days 70 days Acid test ratio 1.30:1 times 0.83:1 times