No. 1 (Marks 15) C Company's forecasted 2020 financial statements are given below, along with industry average ratios. C Company: Forecasted Balance sheet as of December 31, 2020 Cash 72,000 Accounts Receivable 439,000 Inventories 894,000 Total Current Assets 1,405,000 Land and Buildings 238,000 Machinery 132,000 Other Fixed assets 61,000 Total Assets ,1,836,000 Equity & Liabilities Accounts and Notes Payable 432,000 Accrued liabilities 170,000 Total Current liabilities 602,000 Long term Debt 404,290 Common stock 575,000 Retained earnings 254,710 Total Equity & Liabilities 1,836,000 C Company: Forecasted Income Statement for the year ended December 31, 2020 Sales 4,290,000 Cost of goods sold 3,580,000 Gross profit 710,000 General Selling and Admin Expenses 236,320 Depreciation 159,000 Other Expenses 134,000 Profit before Tax 180,680 Taxes 40% 72,272 Profit after tax 108,408 Per Share data EPS 4.71 DPS .95 Market Price Per Share 23.57 P/E Ratio 5 times Total No. of Shares 23,000 Industry Average Ratios - 2020 Current Ratio 2.7 Inventory Turnover 7 times Average Collection Period 32 days Total Asset turnover 2.6 times Debt Ratio 50% Profit Margin on Sales 3.5% Required: Calculate C Company's forecasted Ratios, compare them the industry average data and comment briefly on strength and weaknesses of the company