The following comparative income statements and balance sheets are given to you:

2021 2020 2019

Sales 395 340 285

Cost of Goods Sold 279 235 201

Gross Margin 116 105 84

Operating Expenses 67 60 47

Interest Expense 10 9 8

Net income Before Income taxes 39 36 29

Income Taxes 21 19 14

Net income after income taxes 18 17 15

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2021 2020 2019 2018

Current assets:

Cash 59 64 50 43

Accounts Receivable 77 76 62 64

Inventories 108 120 108 93

Other current assets 8 8 12 11

Total Current assets 252 268 232 211

Plant Assets:

Plant 210 142 122 105

Less: Acc. Depreciation 48 34 23 21

Net Plant 162 108 99 84

Total Assets 414 376 331 295

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Current Liabilities:

Bank Loans 42 35 20 12

Accounts Payable 53 58 67 65

Long term -current portion 19 11 5 0

Estim. inc. taxes payable 12 18 13 15

Total current liabilities 126 122 105 92

Long term debt 87 61 40 20

Owners' Equity

Capital stock, P10Par Value 80 80 80 80

Premium on Common stock 55 55 55 55

Retained Earnings 66 58 51 48

Total liabilities and Equities 414 376 331 295

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Required:

From the foregoing statements, compare , using 2019 as the base year.All figures are in thousands.Round off figures to two decimal places.What is the performance of the company based on the results of the analyses.What is the financial aspects which need management's attention in terms of policy direction and recommendation.