Show calculations please

P4-24. The Corrigan Corporation's forecasted 2005 financial statements follow, along with some industry average ratios. Corrigan Corporation: Forecasted Balance Sheet as of December 31, 2015 Cash Accounts receivable Inventories Total current assets Fixed assets Total assets Accounts and notes payable Accruals Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Corrigan Corporation: Forecasted Income Statement for 2005 80,000 500,000 925,000 $1,505,000 331,000 $1.836.000 432,000 170.000 602.000 404,290 575.000 254, 710 $1.836.000 I Sales Cost of goods sold Selling, general, and administrative expenses Depreciation Earnings before taxes (EBT) Taxes (40%). Net Income $4.290.000 3,580.000 370,320 159.000 $180,680 72.272 $ 108,408 Per Share Date EPS Cash dividends per share P/E ratio Market price (average) Number of shares outstanding $4.71 $0.95 5x $23.57 23,000 1. Calculate Corrigan's 2005 forecasted ratios, compare them with the industry average data. (YOU MAY USE BACK OF THIS PAGE TO SHOW YOUR CALCULATION), "Summary of ratios and comparison: Table 4.2 (P. 123)" COMPARE (GOOD OR POOR) CORRIGAN INDUS Quick Ratio 1.0X Current ratio 2.7% Inventory turnover 7.0X Days sales outstanding 32 days Fixed assets turnoverb 13.0X Total assets turnover 2.6X Return on assets 9.1% Return on equity 18.2 Debt ratio 50.0% Profit margin on sales 3.5% P/E ratio 6.0X Industry average ratios have been constant for the past 4 years, Based on year-end balance sheet figures Calculation is based on a 365-day year 2. Construct the DuPont equation for both Carrigan and the industry O Hint: ROE = NET PROFIT MARGIN X TATO X EQUITY MULTIPLIER 3. Identify the area that needs improvement, outline Carrigan's strengths and weaknesses as revealed by your analysis