Show all calculation process. You will earn NO point if you show only answers. 1. (8 points) Some of the Sunny Resort's financial statements from 20X4 and 20XS are as follows. Compute the following ratios for the Sunny Resort. 1) Current ratio for 20X4 and 20X5 2) Acid-test ratio for 20X4 and 20X5 3) Accounts receivable turnover&Average accounts receivable collection period for 20X5 4) Return on assets for 20X5 5) Return on owners' equity for 20X5 6) Average tax rate for 20X5 7) Solvency ratio for 20X4 and 20X5 8) Profit margin for 20X5 Sunny Resort Balance Sheets December31, 20X4 and 20X5 Current Assets: 20x4 $25,000 30,000 80,000 25,000 15,000 175,000 20X5 S65,000 35,000 115,000 30,000 5,000 Cash Marketable Securities Accounts Receivable Prepaid Expenses Total Current Assets Property and Equipment: Land 450,000 2,000,000 610,000 1,000,0001300000 2,000,000 500,000 1,950,000 S2,210,000 Less: Accumulated Depreciation 1,760,000 Net Property and Equipment Other Assets-Franchise Fees Total Assets 52,090,000 Liabiliti Current Liabilities Accounts Payable Current Maturities of Long-Term Debt Wages Payable Dividends Payable 35,000 50,000 15,000 25,000 125,000 850,000 S45,000 60,000 13,000 20,000 140,000 600,000 Total Current Liabilities Long-Term Debt Owner's Equity Common Stock Retained Earnings Less: Treasury Stock 1,145,000 100,000 275,000 225,000 Total Owners' Equity Total Liabilitles and Owners' Equity HRTM 310 Chapter 6 Ratio Analysis: Homework (20 points) Deadline: October 3 Tuesday at 1:30 pm Sunny Resort Condensed Income Statement For the year ended 20Xs 20x5 Sales Revenue Interest Income S3,240,000 96,000 Total Revenues 900,000 408,000 12,000 120,000 Salaries and Wages Amortization (franchise fees) Interest Expense Other Expenses Income Before Gains and Losses and Income Taxes Gain on Sale of Equipment Loss on Sale of Investments Income Taxes Net Ineome 528,000 24,000 -60.000 96,000 $396,000