Instructions: This assignment has one problem worth a total of 10 points. Solve the problem and show calculations for full credit. 1a. Use financial information for Gulf Inc (see below) to calculate the following financial ratios: Quick Ratio Total Asset Turnover Days Sales in Inventory Average Collection Period Debt Ratio Equity Multiplier TIE Ratio Profit Margin ROA ROE Ib. Conduct Dupont analysis using the following relationship: ROE = Profit Margin * Total Asset Turnover Equity Multiplier Ic. Assume Gulf Inc. has 12,000 shares of common stock outstanding and the market price per share is $45.00. Calculate the following financial ratios: P/E Ratio Market-to-Book Ratio Gulf Inc. Balance Sheets for 2021 Cash $2505 Accounts Payable $ 1471 Accounts Receivable $3158 Notes Payable $ 2082 Inventory S10873 Accruals $ 100 Total Current Assets $16536 Total Current Liabilities S 3653 Long-term Debt $ 17600 Total Debt 21253 Common Stock S 25000 Retained Earnings 22404 Total Common Equity $ 47404 Net Plant and Equipment $52121 Total Assets $68657 Total Liabilities and Equity S 68657 Gulf Inc. Income Statement 2021 Sales S125000 Cost of Goods Sold 64007 Depreciation 15000 EBIT S 45993 Interest 5950 EBT $40043 Taxes 16017 Net Income $ 24026 Dividends Retained Earnings $ 17700 $ 6326