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3. Based on the following financial statements, compute the following ratios for the "AG Company"- for 2020. Compare your answers to the industry averages by indicating if AG Company is better or worse than industry, and comment on your findings. Balance Sheet Assets: Cash AR Inventory Total Current Assets Net Property Other Assets Total Assets Liabilities: $10,000 50,000 44,000 $104000 50,000 4,000 $158000 $20,000 14,000 6,000 30,000 Notes Payable (6%) Accrued Expenses LT Debt (8%) Total Liabilities Stockholder's Equity: Common Stock Retained Earnings Total S.E. Total Liabilities and S.E. $25,000 63,000 88,000 $158,000 Income Statement Sales COGS GP S& A exp EBIT Int. Exp. EBT Tax Exp (50%) EAT 192,000 48,000 39,000 9,000 3,240 5,760 2.880 $2.880 Problem 3 continued: Show you're your work below. Please circle the correct answer. Is the AG Corporation better or worse than these industry standards? AG Standards 1.28 3.5X 2.4x Current ratio Inventory turnover Fixed asset turnover Total asset turnover Debt Ratio Times interest earned Profit margin Return on assets Return on equity Corporation Better Worse Better Worse Better Worse Better Worse Better Worse Better Worse Better Worse Better Worse Better Worse .45 12x 17.5% 20.8% 35%