The 2020 three year comparative financial statements of Serena Williams Ltd. follow: Serena Williams Ltd. Balance Sheet Assets Cash Investments Accounts receivable, net Inventory Prepaid Expenses Plant and equipment, net Total assets Liabilities and Equity Accounts payable December 31 2020 2019 $ 6,287 $ 5,239 34,250 41,890 28,968 26,587 33,964 22,987 756 1659 187,954 126,420 $292,179 $224,782 $ 28,475 $ 21,600 Accrued wages payable 5,789 2,969 Income taxes payable 12,369 9,132 Long-term note payable, secured by 165,977 mortgage on plant assets Common shares, 180,000 shares Retained earnings Total liabilities and equity 117,564 30,000 30,000 59,569 43,517 $302,179 $224,782 Serena Williams Ltd. Income Statement For Years Ended December 31 Net sales 2020 $185,000 2019 $124,000 Cost of goods sold 109,985 65,890 Gross profit 75,015 58,110 Operating expenses 38,900 29,300 Operating profit 36,115 28,810 Interest expense 4,400 4,600 Profit before taxes 31,715 24,210 Income taxes Profit 5,800 $25,915 4,900 $19,310 Required Calculate the following for 2020 and identify whether the ratios compare favorably (F) or unfavorably (U) to the industry average: a. quick ratio b. accounts receivable turnover c. debt ratio d. pledged assets to secured liabilities e. return on total assets f. return on common shareholders equity Industry Avg. 1.1 16 times 35% 1.4 20% 32.7%