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Maple Inc. Statement of Financial Position As at December 31st 2020 2019 2018 Assets Cash $80,000 $125,000 $90,000 Accounts receivable (net) 450,000 316,000 285,000 Inventory 480,000 280,000 275,000 Prepaid expenses 18,000 18,000 18,000 Total current assets 1,028,000 739,000 668,000 Property, plant & equipment (net) 2,750,000 2,600,000 2,450,000 Total assets $3,778,000 $3,339,000 $3,118,000 Liabilities Accounts payable $625,000 $431,000 $386,000 Income taxes payable 10,000 15,000 24,000 Total current liabilities 635,000 446,000 410,000 Long-term debt 1,070,000 1,100,000 1,294,000 Total liabilities $1,705,000 $1,546,000 $1,704,000 Shareholders' Equity Common shares $650,000 $650,000 $650,000 Retained earnings 1,423,000 1,143,000 764,000 Total shareholder equity 2,073,000 1,793,000 1,414,000 Total liabilities and shareholders' equity $3,778,000 $3,339,000 $3,118,000 Maple Inc. Income Statement For the years ended December 31st, 2019, and 2020 2020 2019 Revenue $4,000,000 $3,400,000 Cost of goods sold 2,240,000 1,700,000 Gross margin 1,760,000 1,700,000 Operating expenses 1,260,000 1,149,000 Operating income 500,000 551,000 Interest expense 75,000 77,000 Income before tax expense 425,000 474,000 Income tax expense 85,000 95,000 Net income $340,000 $379,000 Other information: Depreciation expense for the three years (included in operating expenses) was as follows: 2018: $305,000 O 2019: $289,000 2020: $272,000 The following ratios are averages for the companies that Maple competes against: o Current ratio: 2.10 Quick ratio: 1.10 Accounts receivable turnover: 9.50 Inventory turnover: 8.0 Debt to equity ratio: 60% Gross margin: 52%% Return on equity: 20% o Return on assets: 14%% Management is concerned by the financial results for the current year. Net income for 2020, as a percentage of sales revenue, was not as high as in 2019, even though sales increased by $600,000. Management has asked you to review the financial statements and provide an assessment of the company's performance against the industry standards provided. Management is interested in knowing what expense items have changed significantly, as a percentage of sales revenue and have asked you to 'common size" the income statement. Required: 1. Prepare a financial statement analysis for Maple Inc. The analysis should include a review of all four categories of ratios (Liquidity, Activity, Solvency and Profitability). The analysis should be both quantitative and qualitative. (20 marks) 2. From your analysis, what are two areas of significant concern to Maple Inc