link to the formula slitti Mirabel Corporation's financial statements for 2020 follow: MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 $1,575,000 Sales Cost of goods sold Gross profit (976,500) 598 500 (236.250) Operating expenses 362,250 Income before taxes Income taxes (144.900) $ 217 350 Net Income MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Cash $ 49,000 Receivables 143,900 167 800 Inventory Property, plant and equipment (net) Total assets Current liabilities 682.800 $1,043,500 Non-current liabilities $ 131,000 Common shares 450,000 Retained earnings 250,000 Total liabilities and shareholders' equity 212.500 $1,043,500 Instructions a) If Mirabel were preparing common-size financial statements, calculate the following: Cost of goods sold L i. Operating expenses lili Net Income b) Calculate the following liquidity ratios for Mirabel: Current ratio Quick ratio Days Accounts receivable (assume average assets are the same as year-end assets) Days Inventory (assume average assets are the same as year-end assets) Comment on Mirabel's performance