Problem #1: Based on the following Balance Sheet and Income Statement for Windsor Manufacturing Inc., calculate the following financial ratios. In addition, comment on the Current Ratio and Acid-Test Ratio. Balance Sheet for Windsor Manufacturing: As of Dec. 31, 2019 (in $000s) Assets Current assets Income Statement for Windsor Cash 12 100 Manufacturing: GICs 250 Month ending Dec. 31, 2019 (in $000s) Accounts receivable 11 000 Net sales 96 500 Inventories 12 000 Cost of goods sold 57 000 Prepaid expenses 650 Gross profit 39 500 Total current assets 36 000 Long-term assets Operating expenses Land 8 000 Selling expenses 14 650 Plant and equipment 18 550 Depreciation expense 750 Less accumulated depreciation -9000 General expense 8 100 Net plant and equipment 9 550 Interest expense 2 500 Total long-term assets 17 550 Total expenses 26 000 Total assets 53 550 Net income before taxes 13 500 Liabilities Income taxes 9 450 Current liabilities Net income after taxes 4 050 Accounts payable 7 500 Accrued wages 2 350 Working capital loan 2 100 Current Ratio = ? Total current liabilities 11 950 Long-term liabilities Acid-Test Ratio = ? Deferred income taxes 250 Mortgage 4 450 Long-term bonds 3 350 Equity Ratio = ? Total long-term liabilities 8 050 Inventory-turnover Ratio = ? Owners' Equity Common shares 13 250 Return-on-Assets Ratio = ? Contributed capital 12 000 Retained earnings 8 300 Total owners' equity 33 550 Return-on-Equity Ratio = ? Total liabilities and owners' equity 53 550 Comment on Current Ratio and Acid-Test Ratio:_(hint: address whether these two ratios meet the acceptable range discussed in class)