The 2020 three year comparative financial statements of Serena Williams Ltd. follow: Serena Williams Ltd. Balance Sheet December 31 Assets Cash Investments Accounts receivable, net Inventory Prepaid Expenses Plant and equipment, net Total assets Liabilities and Equity Accounts payable Accrued wages payable 2020 2019 $ 6,287 $ 5,239 34,250 28,968 33,964 756 187,954 $292,179 41,890 26,587 22,987 1659 126,420 $224,782 $ 21,600 2,969 $ 28,475 5,789 Income taxes payable 12,369 9,132 Long-term note payable, secured 165,977 117,564 by mortgage on plant assets Common shares, 180,000 shares 30,000 30,000 Retained earnings 59,569 43,517 Total liabilities and equity $302,179 $224,782 Serena Williams Ltd. Income Statement Net sales Cost of goods sold Gross profit Operating expenses Operating profit Interest expense Profit before taxes Income taxes Profit For Years Ended December 31 2020 $185,000 2019 $124,000 109,985 65,890 75,015 58,110 38.900 29,300 36,115 28,810 4,400 4,600 31,715 24,210 5,800 4,900 $25,915 $19,310 Required Calculate the following for 2020 and identify whether the ratios compare favorably (F) or unfavorably (U) to the industry average: a. current ratio b. inventory turnover c. equity ratio Industry Avg. 1.6 5 times d. times interest earned e. return on total assets f. return on common shareholders' equity 65% 50 times 20% 32.7%