The income statement and balance sheet for GATA, Inc. are provided below. (Note that the reported figures are expressed in thousands of dollars). 2019 GATA, INC. Balance Sheets as of December 31, 2018 and 2019 (in 000s) 2018 2019 2018 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 500 $1,000 Accounts payable $ 500 $ Accounts receivable 500 400 Notes payable 900 Inventory 900 600 700 700 Total $ 1,900 $2,000 Total $ 1,400 $ 1,400 $ 400 $ 600 Long-term debt Owners' equity Common stock Accumulated retained earnings $ 600 $ Fixed assets 621 579 500 Net plant and equipment $ 1,000 $ 1,200 Total Equity $ 1,100 $ 1,200 Total assets $2,900 $3,200 Total liabilities and owners' equity $2,900 $ 3,200 GATA, INC. 2019 Income Statement (in 000s) Sales $ Cost of goods sold Depreciation 1,700 1,030 100 ta $ EBIT Interest paid 570 70 Taxable income Taxes $ 500 105 Net income TA 395 $ 316 Dividends Retained earnings 79 Requirement #1: Calculate each of the following ratios for GATA Inc. for 2019 only and complete the table below. (Do not round intermediate calculations. Round your answers to 4 decimal places (e.g., 0.9173 or 2.1648). Input profit margin, return on assets, and return on equity as percentages (e.g., if the Profit Margin = 0.1576, input your answer as 15.76). a. Current ratio b. Quick ratio C. Total asset turnover d. Inventory turnover e. Total debt ratio f. Equity Multiplier g. Times interest earned ratio h. Profit margin i. Return on assets j. Return on equity 2019 1.4286 times 1.0000 times 0.5574 times 1.3733 times 0.6250 times 2.6667 8.1429 times 17.65% 9.84 % 26.09% Industry Average 1.2031 0.7814 0.5875 2.2791 0.3654 1.5757 6.9117 27.01% 15.87% 25.00% Requirement #2: Use the ratios you calculated in Requirement #1 and the industry averages given in the table above to determine if GATA, Inc. is "above average" or "below average" in each of the following areas of financial performance. Financial Leverage Asset Use Efficiency Operating Efficiency Liquidity Shareholder Return above average below average below average above average above average Requirement #3: Based on DuPont analysis, how would you explain the difference in the return on equity (ROE) for GATA, Inc. vs. the industry as a whole in 2019 (i.e., why is the ROE for GATA higher/lower than the ROE for the average firm in the industry)