Required: a. Calculate the following ratios (assume depreciation expense is $750,000 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.) Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets. \begin{tabular}{|c|c|c|} \hline Statement of Net Assets & ABC Not-for-Profit & XYZ Not-for-Profit \\ \hline \multicolumn{3}{|l|}{ Current assets } \\ \hline Cash & $205,000 & $356,000 \\ \hline Short-term cash equivalents & 265,000 & 99,000 \\ \hline Supplies inventories & 32,000 & 150,000 \\ \hline Receivables. & 439,500 & 188,560 \\ \hline Total current assets & 941,500 & 793,500 \\ \hline \multicolumn{3}{|l|}{ Noncurrent assets. } \\ \hline Noncurrent pledges receivable & 265,000 & \\ \hline Endowment investments & 2,590,000 & \\ \hline Land, buildings, and equipment (net) & 3,175,600 & 1,768,000 \\ \hline Total noncurrent assets & 6,030,000 & 1,768,000 \\ \hline Total assets & $6,971,500 & $2,561,500 \\ \hline \multicolumn{3}{|l|}{ Current liabilities } \\ \hline Accounts payable & 23,080 & $129,000 \\ \hline Total current liabilities & 23,000 & 129,000 \\ \hline \multicolumn{3}{|l|}{ Noncurrent liabilities } \\ \hline Notes payable & 178,500 & \\ \hline Total noncurrent liabilities & 178,500 & \\ \hline Total liabilities & 201,500 & 129,000 \\ \hline \multicolumn{3}{|l|}{ Net Assets } \\ \hline Unrestricted & 4,025,000 & 2,364,500 \\ \hline Donor restricted for purpose & 155,000 & 68,000 \\ \hline Donor restricted for endowment & 2,590,000 & 0 \\ \hline Total net assets & 6,770,000 & 2,432,500 \\ \hline Total liabilities and net assets & $6,971,500 & $2,561,500 \\ \hline \end{tabular}