(Question 3) The Good Furniture Company has been a business in Sault Ste. Marie for 20 years. The following financial statement that includes the balance sheet and income statement is as follows for year 2021: Income Statement for 2021 Sales revenue $3,000,000 Cost of goods sold & various operating expenses $1,950,000 Depreciation 300,000 2,250,000 Operating income $750,000 Interest $50,000 Income tax 200,000 250,000 Net income $500,000 Balance Sheet as at End of 2021 Current assets: Cash $ 10,000 Trade accounts receivable Inventory Long-term assets: At cost $ 900,000 Accumulated depreciation Total assets 520,000 270,000 540,000 $820,000 380,000 $1,200,000 Liabilities & Share Equity Current liabilities Long-term liabilities $ 540,000 100,000 Total liabilities $ 640,000 Equity: Common shares $ 100,000 Retained earnings 460,000 560,000 $1,200,000 Total Liabilities & Equity Required (Important: Provide your opinion after calculating each set of financial ratio(s) by explaining what the ratio(s) signify about the company. Calculate the following ratios: a) The current and quick ratio. b) The debt to assets ratio. c) The return on assets and the return on equity ratio. d) The return on sales, return on assets and return on equity ratio. e) The A/R (accounts receivable) turnover and A/R collection period. The inventory turnover and the inventory holding period.