Income Statement Sales Cost of goods sold Gross profit Fixed expenses Depreciation EBIT 2021 9,500 (3.400) 6,100 (3.100) (1,600) 1,400 2020 8,900 (3.500) 5,400 (2,100) (1,600) 1,700 2020 650 2021 740 630 900 320 710 2,200 2,600 Balance Sheet Cash Accounts receivable Inventory Land and buildings Machinery Other fixed assets TOTAL ASSETS Accounts payable Notes payable Long-term debt Common stock Retained earings TOTAL LIABILITIES & EQUITY 1,220 1.410 7.100 950 1,200 1,450 1,900 1.600 1,700 520 6.500 1,400 890 910 1,800 1.500 6.500 2.100 a. Calculate the number of the company's days in receivables outstanding in Year 2020. If the average industry number of days in receivables outstanding is 20, explain whether the company is doing better or worse than the industry. Why yes or why not? Explain your answer. What is your recommendation to the company's management? (1 point) b. Calculate the number of the company's days in inventory outstanding in Year 2020. If the average industry number of days in inventory outstanding is 80, explain whether the company is doing better or worse than the industry. Why yes or why not? Explain your answer. What is your recommendation to the company's management? (1 point) 6. Calculate the number of the company's days in payables outstanding in Year 2020. If the average industry number of days in payables outstanding is 120, explain whether the company is doing better or worse than the industry. Why yes or why not? Explain your answer. What is your recommendation to the company's management? (1 point) d. Determine whether the Bravo Corporation needs to borrow money to finance their business in Year 2020. Support your answer with both an explanation and calculations. (2 points) Focus