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Problem #1 (33 marks) Consider the following simplified Statement of Comprehensive Income and Statement of Financial Position from Victory Corporation's 2021 Annual Report to Shareholders. Victory Corporation Statement of Comprehensive Income ($ millions) Net sales Cost of goods sold Depreciation Earnings Before interest and taxes Interest paid Taxable income(EBT) Taxes Net income $99,888 $59,856 $14,280 $25,752 $3,840 $21,912 $7,452 $14,460 Victory Corporation Statement of Financial Position 2020 & 2021 ($ millions) 2020 2021 2020 Cash S13,320 Accounts rec. S64,980 S29,520 $28.860 S123,360 $147,600 $30.000 S43.320 Inventory Total S40,092 Accounts payable $11,748 Notes payable S34.620 Total $86,460 Long-term debt S200,640 Common stock Retained earnings $287,100 Total liabilities and Owner's equity 2021 $19.800 $22.800 $42,600 $55,200 $70,800 $118,500 $287,100 Net fixed assets $57,600 $61,200 $108,840 $270,960 Total assets S270,960 a) Generate the common-size Statement of Comprehensive Income for 2021. (4 marks) b) For the asset side of the Statement of Financial Position create the common-size statement for 2020 and 2021. (4 marks) c) Generate the 2021 cash-flow statement for Victory Corporation. (12 marks, one per entry) d) Calculate the following financial ratios for Victory Corporation for 2021 only (9 marks - 1 each) i. Current ratio 1 ii. Quick ratio iii. Return on assets iv. Debt-to-equity ratio V. Equity multiplier vi. Total Asset Turnover vii. Profit Margin viii. Times interest earned ratio ix. ROE use DuPont e) The Victory Corporation is considering getting an additional short term (operating) loan from the bank to finance inventory and accounts receivable. Which of the above ratios do you think the bank will be interested in and why? (2 points) f) The Victory Corporation is considering getting an additional long term loan from the bank to finance the purchase of new equipment. Which of the above ratios do you think the bank will be interested in and why? (2 points)