The financial statements for Frozen Ltd are shown below. As a financial manager, you are required to analyze the statements and compare it with the industry. Calculate the ratios, as shown in the table on the industry for 2019. FROZEN Ltd. BALANCE SHEET, AS OF DECEMBER 31 ( in 1000s ) 2018 2019 Assets Current assets Cash 683 325 Accounts received 1,490 3,599 Inventories 1,415 2,423 Prepaid expenses 15 13 Total current assets 3,603 6,360 Property, plant, equipment, net 1,066 1,541 Other 123 157 Total assets 4,792 8,058 Liabilities Current liabilities Notes payable to bank __ 875 Current portion of long-term debt 115 Accounts payable 485 933 Estimated income tax 588 472 Accrued expenses 576 586 Customer advance payment 34 963 Total current liabilities 1,721 3,945 Long-term debt 122 179 Other liabilities 81 131 Total liabilities 1,924 4,255 Shareholders' equity Common stock, par value 829,000 outstanding. 550 829 Preferred stock, Series A 10%; K25.00 par value, 500 450 Additional paid-in capital 450 575 Retained earnings 1,368 1,949 Total shareholders equity 2,868 3,803 Total liabilities and shareholders' equity 4,792 8,058 FROZEN Ltd. INCOME STATEMENT YEARS ENDING DECEMBER 31 (1000s) 2018 2019 Net sales 7,570 12,065 Other income net 261 345 Total revenues 7,831 12,410 Cost of goods sold 4,850 8,048 General administrative and marketing expenses 1,531 2,025 Interest expenses 22 78 Total cost and expenses 6,403 10,151 Net income before tax 1,428 2,259 Income tax 628 994 Net income 800 1,265 Preference dividends 50 45 Ratio (2013) Current Quick ROA EPS OPM ROE Industry 1.5 0.8 23% 1.51 25.6 39.2% 7.1. Calculate the six ratios (as shown in the table above), for 2019.Insert your solution in the table above (no workings are required). (12) 7.2. Discuss the performance of Iceland with the industry for 2019 in terms of liquidity and profitability. (3)