Questions 1. Calculate liquidity, asset utilization, leverage, and profitability ratios for OnGoal. 2. Pair off and compare your ratios. Discuss which of the ratios look weak and which look positive. Develop a one-page explanation of the company's ratios you can show to potential lenders. OnGoal Balance Sheet December 31, 20. Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets $7,120 2.400 18.200 3.040 $40.760 $16,800 3,600 78.000 7,800 12.000 4,000 Fixed Assets: Fixtures Less Accumulated Depreciation Building Less Accumulated Depreciation Equipment Loss Accumulated Depreciation Total Fixed Assets Total Assets Liabilities/Equity Current abilities: Accounts Payable Notes Payable Contracts Payable Total Current Liabilities $91,400 $132. 160 $6,000 4,000 8,000 $18,000 Fixed Liabdities: Long-Term Note Payable $75,000 Owners' Equity: Shares Held by Hernandez and Ferguson $39,160 Total Liabilities/Equity $132,160 (Continued) (Continued) OnGoal Income Statement Year Ended December 31, 20- Sales $178,000 Cost of Goods Sold: $18,000 22,000 Beginning Inventory, January 1 Purchases During Year Less Ending Inventory, December 31 Cost of Goods Sold 18,200 $21.800 Gross Margin $156,200 Operating Expenses: Payment on Building Note $34.000 Salaries 68,000 7,460 3,000 18,000 Supplies Advertising/Promotion Insurance Expense Utilities Expense Miscellaneous Expenses Total Operating Expenses Net Profit from Operations 10,000 4,000 $144,460 $11.740