Question 4 (21 marks) T Co. sells popular toys through its retail outlets in Hong Kong. The data shown below are extracted from annual reports for the year 2021. Income Statement: Net sales Cost of goods sold Gross Profit Other expenses Net income Statement of Financial Position (Balance Sheet): $ 4,200,000 (1,890,000) 2,310,000 (840,000) 1,470,000 Non-current assets: Plant and equipment (net of accumulated depreciation) 3,323,000 Current assets: Inventory 494,000 Accounts receivable 485,000 Cash 63,000 Total current assets Current liabilities Long-term liabilities Shareholders' equity 1,042,000 728,000 0 3,637,000 Assume the year-end balances shown for accounts receivable and for inventory approximate the average balances of these items through the year. Industry averages for financial ratios are as follows: