The 2023 financial statements of Lexus Ltd. are as follows: Statement of Financial Position At December 31, 2023 Current Cash Assets Accounts receivable Merchandise inventory Prepaid expenses PPE, at carrying amount Non-current Borrowings Liabilities Current Accounts payable Borrowings Notes payable Shareholders' Equity Pref. shares, 10% (6 shares) Common shares (30 shares) Retained earnings $10 300 600 10 920 1,480 $2,400 500 200 100 800 190 990 60 100 1,250 1,410 $2,400 Income Statement For the Year Ended December 31, 2023 Sales (all on credit) Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Statement of Cash Flows For the Year Ended December 31, 2023 Cash from operating activities Cash used by investing activities Cash used by financing activities Net change in cash C&CE at start of year C&CE deficiency at end of year $2,000 1,200 800 200 600 40 560 168 $392 $650 (468) (422) (240) 50 ($190) Balance, Dec. 31, 2022 Net income Transactions with s/h Dividends - common Dividends - For the Year Ended December 31, 2023 i. ii. iii. iv. Commo n shares V. vi. vii. viii. $60 ix. X. Share capital Pref. shares $100 Total (606) preferred (6) Balance, Dec. 31, 2023 $60 $100 $160 $1,250 $1,410 Additional information from the December 31, 2022 statement of financial position: $280 $600 $700 $1,470 $60 $100 $160 Current ratio Acid-test ratio Operating cash flow ratio Number of days to complete revenue cycle Debt to shareholders' equity ratio Gross profit ratio Net profit ratio Times interest earned Basic earning per share ratio Price-earnings ratio Accounts receivable Merchandise inventory PPE, at carrying amount Ending retained earnings Preferred shares (6 shares) Common shares (30 shares) Market price per common share at December 31, 2023 was $25. Dividends are paid in cash at each year end. There are no preferred dividends in arrears. Ret. Earning S Required: 1. (5 marks; mark for each calculation) Complete the following table. Show your calculations. Round ratios to one decimal place. $1,470 392 Industry average 1.9:1 .9:1 1.6:1 151 2023 3:1 .35:1 .14:1 40 times (606) $7.03 4:1 (6) Total $1,630 392 Lexus 2022 Lexus 2.6:1 .9:1 1.4:1 244 .3:1 .35:1 .15:1 78 times $8.80 2.7:1 2. (15 marks) Using the ratios, evaluate the 2023 financial performance of Lexus Corporation. Horizontal and vertical analyses are not required.