Marble Ltd.'s financial statements for 2021 follow: Marble Ltd. Statement of Income For the Year Ended August 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Income before taxes $1,275,000 (676,500) 598,500 (191,250) 407,250 (187,250) $ 220,000 Income taxes Net income Marble Ltd. Statement of Financial Position August 31, 2021 Cash Receivables Inventory Property, plant and equipment (net) Total assets $ 59,000 133,900 167,800 682,800 $1,043,500 Current liabilities Non-current liabilities Common shares Retained earnings Total liabilities and shareholders' equity $ 131,000 450,000 250,000 212,500 $1,043,500 1,045,300 a) Instructions (Show all your calculations for full marks.) If Marble Ltd. were preparing common-size financial statements, calculate the following: Cost of goods sold Operating expenses Net Income b) Calculate the following liquidity ratios for Marble Ltd.: Current ratio Quick ratio iii. Average collection period for accounts receivable (assume average assets are the same as year-end assets) iv. Days to sell inventory (assume average assets are the same as year-end assets) C) Comment on Marble's performance. T Instructions: (Show all calculations for full marks.) a) If Marble Ltd. were preparing cemmon-size financial statements, calculate the common-size percentage for the following items: Cost of goods sold Operating expenses Fli Net income 1