Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets. ABC Not-for-Profit XYZ Not-for-Profit Statement of Activities Unrestricted Temporarily Restricted Unrestricted Temporarily Restricted Revenues Program service revenue $ 6,495,000 $ 2,340,000 Contribution revenues 3,417,500 $ 759,000 3,290,000 Grant revenue 105,000 $ 1,034,000 Net gains on endowment investments 18,400 Net assets released from restriction Satisfaction of program restrictions 468,000 (468,000 ) 647,000 (647,000 ) Total revenues 10,398,900 396,000 6,277,000 387,000 Expenses Education program expenses 6,521,000 1,568,000 Research program expense 1,265,000 2,706,000 Total program service expenses 7,786,000 4,274,000 Fund-raising 546,000 401,000 Administration 659,000 1,238,000 Total supporting service expenses 1,205,000 1,639,000 Total expenses 8,991,000 5,913,000 Increase in net assets 1,407,900 396,000 364,000 387,000 Net assets January 1 4,217,000 768,000 1,046,500 329,000 Net assets December 31 $ 5,624,900 $ 1,164,000 $ 1,410,500 $ 716,000 Statement of Net Assets ABC Not-for-Profit XYZ Not-for-Profit Current assets Cash $ 214,000 $ 365,000 Short-term cash equivalents 274,000 99,900 Supplies inventories 41,000 159,000 Receivables 448,500 197,500 Total current assets 977,500 821,400 Noncurrent assets Noncurrent pledges receivable 274,000 Endowment investments 2,680,000 Land, buildings, and equipment (net) 3,184,000 1,777,000 Total noncurrent assets 6,138,000 1,777,000 Total assets $ 7,115,500 $ 2,598,400 Current liabilities Accounts payable $ 32,000 $ 138,000 Total current liabilities 32,000 138,000 Noncurrent liabilities Notes payable 187,500 Total noncurrent liabilities 187,500 Total liabilities 219,500 138,000 Net Assets Unrestricted 4,034,000 2,373,500 Donor restricted for purpose 164,000 86,900 Donor restricted for endowment 2,680,000 0 Total net assets 6,878,000 2,460,400 Total liabilities and net assets $ 7,097,500 $ 2,598,400 Required: a. Calculate the following ratios (assume depreciation expense is $759,000 for both organizations and is allocated among program and supporting expenses): Program expense. Fund-raising efficiency. Days cash on hand. Working capital (expressed in days). b. For each ratio, which of the two organizations has the stronger ratio. (Assume 365 days in a year. Do not round intermediate calculations. Round "Program expense" answers to 1 decimal place and "Fund-raising efficiency" answers to 3 decimal places and "Days cash on hand", "Working capital" answers to nearest whole number.)