Use the following comparative income statements and balance sheets to complete the required ratio analysis. Comparative Income Statement For the Years Ended December 31, 20-C and 20-B 20-C 20-B Net Sales $965,400 $1,028,600 Cost of goods sold 515,100 590,300 Gross profit $450,300 $438,300 Operating expenses Selling expenses $142,000 $173,400 Administrative expenses 150,200 182,400 Interest expense 29,300 34,100 Total operating expenses $321,500 $389,900 Income tax expense 45,500 18,200 Total expenses $367,000 $ 408,100 Net income $83,300 $30,200 Comparative Balance Sheet December 31, 20-C and 20-B Assets 20-C 20-B Cash $45,100 $48,500 Comparative Balance Sheet December 31, 20-C and 20-B Assets 20-C 20-B Cash $45,100 $48,500 59,800 101,500 Accounts receivable (net) Merchandise inventory 150,900 171,600 Property, plant, and equipment (net) 710,500 808,800 Total assets $966,300 $1,130,400 Liabilities and Stockholders' Equity Accounts payable $151,600 $108,200 70,000 70,000 Notes payable (due 6/30/-D) Bonds payable (45% due each June) 154,000 280,000 Common stock, $10 par value 420,000 420,000 Retained earnings 214,100 208,800 $966,300 $1,130,400 Total liabilities and stockholders' equity Additional information: All sales are made on account. Balances of selected accounts for December 31, 20-A are accounts receivable (net), $73,800; merchandise inventory, $153,100; total assets, $906,900; common stockholders' equity, $527,200; and common shares outstanding, 42,000, 20-0 20-B AssignmentSessionLocator=&inprogress=false Total assets od $966,300 $1,130,400 Liabilities and Stockholders' Equity $108,200 $ 151,600 Accounts payable Notes payable (due 6/30/-D) Bonds payable (45% due each June) Common stock, $10 par value 70,000 70,000 280,000 154,000 420,000 420,000 Retained earnings 214,100 208,800 Total liabilities and stockholders' equity $966,300 $1,130,400 Additional information: All sales are made on account. Balances of selected accounts for December 31, 20-A are accounts receivable (net), $73,800; merchandise inventory, $153,100; total assets, $906,900; stockholders' equity, $527,200; and common shares outstanding, 42,000. 20-C 20-B Number of common shares 42,000 42,000 Dividends paid $44,400 $49,000 Required: Prepare a liquidity analysis by calculating for 20-B and 20-C the (a) current ratio, (b) quick ratio (c) accounts receivable turnover, and (d) merchandise inventory turnover. Indicate wheth been an improvement or not from 20-B to 20-C. Assume 365 days in a year Round all answers to two decimal places. 20-C 20-B Improvement