PassTheClass Corp. Income Statement For the Year Ended December 31, 2020 S $ 1,559,440 (15,440) 1,544,000 540,400 1,003,600 5 Sales Less: Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Salaries Expense Other Expenses Total Operating Expenses Profit Before Interest Interest Expense Profit Before Income Taxes Income Taxes Profit (Loss) $ 183,334 100,360 301,080 $ 584,774 418,826 96,330 322,496 96,749 225,747 S PassTheClass Corp. Comparative Balance Sheet (Simple) December 31 2019 2020 ASSETS: Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Equipment Accumulated Depreciation Equipment Total Assets $ 347,999 $ 91,394 400,000 24,889 1,078,436 (355,872) $ 1,586,846 $ 296,330 228,486 287,963 49.778 616,249 (246,500) 1,232,306 S 90,000 $ 18,485 754,763 $ 863.2485 LIABILITIES: Accounts Payable Current Notes Payable Notes Payable Total Liabilities EQUITY: Common Shares Retained Earnings Total Equity 123,231 18,485 369,692 511,408 $ 308,0765 415,522 $ 723,598 $ 246,461 474,437 720,898 Total Liabilities and Equity $ 1,586,846 5 1,232,306 30,808 20,538 # of Average Common Shares Outstanding: (Assume this is also WACS) REQUIRED: 1. Prepare the following analyses for the year 2020: 20 marks a) Current Ratio b) Total Asset Turnover c) Debt Ratio d) Inventory Turnover e) Days' Sales Uncollected f) Price-Earnings Ratio Market price per share: $18.00 6) Book Value per Common Share h) Times Interest Earned 2. Considering the following industry averages, how would you say PassTheClass Corp.'s 4 marks performance compares? a) Current Ratio 16:1 b) Debt Ratio 32% c) Times Interest Earned 17.00 times d) Price-Earnings Ratio 3.2 :1 NOTE: Include applicable unit for each analysis component and round as follows: Percentages * 100 and round to 1 decimal place Ratios express as :1; round to 2 decimal places Days 1 decimal place Times 2 decimal places