The following ratios have been calculated for Advanced Chip Technologies. Analyze the capital structure, long and short term solvency, liquidity, activity and profitability of Advanced Chip Technologies. (8 marks) What are your observations of their operating strategies as a result of your analysis. (8 marks) Grades will not be awarded for descriptive comments. For example, no grades will be assigned for simply stating that the debt ratio increased. Estimated time: 16 mins Dec-15 Dec-16 Dec-17 Dec-18 0.60% 0.70% -2.10% 32.90% 3.20% 3.70% 22.1% 23.9% 49.8% 55.0% 45.296 49.2% 21.90% 22.60% 34.20% 43.40% 34.80% 20.20% 20.60% 28.50% 48.80% 41.60% 35.60% 32% PROFITABILITY Return on Assets Return on Capital Return on Equity Gross Margin % Operating Margin% NPMX ACTIVITY Total Asset Turnover Fixed Asset Turnover Receivable Turnover Inventory Turnover LIQUIDITY Current Ratio Quick Ratio Avg.Days Sales Outstanding Avg.Days Inventories Outsti Avg.Days Payables Outstane Avg.Cash Conversion Cycle LEVERAGE Total Debt/Equity 0.3% 0.4% 4.3% 9.2x 0.8x 1.3x 4.7X 17.9% 1X 2.4% 22.6% 0.8X 2.9% 15.9% 0.5X 0.3x 84.6 39.6 63.8 604 8.1% 5.7% 77.2 20.4 40.0 57.5 11.8X 10.3x 120.0 16.2 10.0 1262 39.5X 36.8X 124.5 23.0 6.3 141.2 45.3 1. 3.1% 0.01