1. Calculate liquidity, asset utilization, leverage, and profitability ratios for OnGoal. 2. Pair off and compare your ratios. Discuss which of the ratios look weak and which look positive. Develop a one-page explanation of the company's ratios you can show to potential lenders. OnGoal Balance Sheet December 31, 20-- Assets Current Assets: Cash $7,120 Accounts Receivable 2,400 Merchandise Inventory 18,200 Prepaid Expenses 3,040 Total Current Assets $40,760 Fixed Assets: Fixtures $16,800 Less Accumulated Depreciation 3,600 Building 78.000 Less Accumulated Depreciation 7,800 Equipment 12,000 Less Accurmulated Depreciation 4,000 Total Fixed Assets $91,400 $132,160 Total Assets Liabilities/Equity Current Liabilities: $6,000 Accounts Payable 4,000 Notes Payable 8,000 Contracts Payable $18,000 Total Current Liabilities Fixed Liabilities: $75,000 Long-Term Note Payable Owners' Equity: $39,160 Shares Held by Hernandez and Ferguson $132,160 Total Liabilities/Equity (Continued) (Continued) OnGoal Income Statement Year Ended December 31, 20-- $178,000 Sales Cost of Goods Sold: Beginning Inventory, January 1 $18,000 Purchases During Year 22,000 Less Ending Inventory, December 31 18.200 Cost of Goods Sold $21,800 Gross Margin $156,200 Operating Expenses: Payment on Building Note $34,000 Salaries 68,000 Supplies 7,460 Advertising/Promotion 3,000 Insurance Expense 18,000 Utilities Expense 10,000 Miscellaneous Experises 4,000 Total Operating Expenses $144,460 Net Profit from Operations $11,740