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Teal Inc. manufactures a variety of consumer products. The company's founders have run the company for 30 years and are now interested in retiring. Consequently, they are seeking a purchaser who will continue its operations, and a group of investors, Morgan Inc., is looking into the acquisition of Teal. To evaluate its financial stability and operating efficiency, Teal was requested to provide the latest financial statements and selected financial ratios. Summary information provided by Teal is as follows. Teal Inc. Income Statement For the Year Ended November 30, 2021 (in thousands) Sales (net) $ 30,630 Interest income 630 Total revenue 31,260 Costs and expenses Cost of goods sold 17,730 Selling and administrative expenses 3,680 Depreciation and amortization expense 2,020 Interest expense 1,030 Total costs and expenses 24,460 Income before taxes 6,800 Income taxes 2,720 Net income $ 4,080 Teal Inc. Balance Sheet As of November 30 (in thousands) 2021 530 2020 630 Cash $ $ 430 330 3.330 3,030 Short-term investments (at cost) Accounts receivable (net) Inventory Total current assets Property, plant, & equipment (net) 6,130 10,420 7,230 5,530 9,520 7,130 Total assets $ 17,650 $ 16,650 $ 3,830 $ 3,530 930 1,030 1,830 1,530 6,690 2,130 5,990 1,930 Accounts payable Income taxes payable Accrued expenses Total current liabilities Long-term debt Total liabilities Common stock ($1 par value) Paid-in capital in excess of par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 8,820 7,920 2,830 1,130 4,870 8,830 2,830 1,130 4,770 8,730 $ 16,650 $ 17,650 Selected Financial Ratios Teal Inc. 2020 2019 Current Industry Average 1.76 1.59 1.60 0.67 0.63 0.86 8.68 8.63 8.58 Current ratio Acid-test ratio Times interest earned Profit margin on sales Asset turnover Inventory turnover 13.33 % 12.23 % 13.13 % 1.97 1.96 1.97 3.3 3.34 3.31 (a) Calculate a new set of ratios for the fiscal year 2021 for Teal based on the financial statements presented. (Round answers to 2 decimal places, e.g. 52.75 or 52.75%.) Current ratio :1 Acid-test ratio :1 Times interest earned Profit margin on sales % Asset turnover times Inventory turnover times