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Question 1 (25 points] Use Bentley Inc 's financial statements to compute the required ratios below, and indicate whether the change from year to year is favourable or unfavourable For your analysis, assume that all other things have remained constant. Apply your analysis in very general terms. All values should be accurate to at least two decimal places Bentley Inc Income Statement For Years Ended December 31, 2014, 2013, and 2012 2014 2013 2012 Sales $820,800 $806,400 $801,400 Cost of goods sold 714,600 639,300 711,400 Gross profit from sales 106,200 167.100 90,000 Operating expenses 41,700 42,900 45,000 Income from operations 64,500 124,200 45,000 Interest exponse 2,650 2,800 2,500 61,850 121,400 42,500 Income taxes 12,700 27,100 8,800 Net income $49.150 $94,300 $33,700 Income before taxes Bentley Inc. Balance Sheet December 31, 2014, 2013, and 2012 Assets 2014 2013 2012 Cash $47,400 $42,700 $51,500 Short-term investments 13,000 13,000 13,000 Accounts receivable, net 34,100 30,300 28,700 Merchandise inventory 64,200 57,900 55,500 Prepaid expenses 2,100 1,800 2,200 Notes receivable, due in 2017 7,000 6,000 5,500 Plant assets, net 110,000 128,000 125,000 Total assets $277,800 $279,700 $281,400 Liabilities and Equity Accounts payable $14,500 $15,000 $18,200 Salaries payable 14,700 12,500 11,400 Income taxes payable 2,300 2,250 2,350 Long-term note payable secured by mortgage on plant assets 83,000 79,000 71,000 Share capital, 50,000 shares 100,000 90,000 100,000 Retained earnings 63,300 80,950 78,450 Total liabilities and equity $277,800 $279,700 $281,400 2014 2013 Ratio Return on equity (%) Equity ratio (%) Acid-test ratio Times interest earned ratio Gross profit ratio (%) Analysis (select one) (select one) (select one) (select one) (select one) Analysis (select one) (select one) e) favourable e) unfavourable equal ) (select one)