Use the following information to answer the questions below: note: all sales are credit sales Income Stmt info: 2019 2020 $ 990,000 Sales $ 900,000 less Cost of Goods Sold: 300,000 320,000 Gross Profit 600,000 670,000 Operating Expenses 500,000 505,000 Earnings before Interest & Taxes 100,000 165,000 Interest exp 25,000 25,000 earnings before Taxes 75,000 140,000 Taxes 30,000 45,000 $ 95,000 Net Income $ 45,000 Balance Sheet info: 12/31/2019 Cash 60,000 Accounts Receivable 100,000 Inventory 80,000 12/31/2020 $ 65,000 $ 120,000 $ 130,000 $ 315,000 $ 330,000 $ 645,000 Total Current Assets $ 240,000 Fixed Assets (Net) $ 300,000 Total Assets $ 540,000 Current Liabilities $ 130,000 Long Term Liabilities $ 170,000 $ 140,000 $ 200,000 $ 340,000 $ 305,000 $ 645,000 Total Liabilities $ 300,000 Stockholder's Equity $ 240,000 Total Liab & Equity: $ 540,000 Compute each of the following ratios for 2019 and 2020 and indicate whether each ratio was getting "better" or "worse" from 2019 to 2020 and whether the 2020 ratio was "good" or "bad" compared to the Industry Avg (round all numbers to 2 digits past the decimal place) Getting Better or Getting Worse? "Good" or "Bad" compare d to Industry Avg 2019 2020 Profit Margin Current Ratio Quick Ratio Return on Assets Debt to Assets Receivables turnover Avg. collection period* Inventory Turnover** Return on Equity Times Interest Earned 2020 Industr y Avg 0.08 1.80 1.12 0.18 0.50 12.00 22.10 8.25 0.16 6.15 *Assume a 360 day year **Inventory Turnover can be computed 2 different ways. Use the formula listed in the text (the one the text indicates many credit reporting agencies generally use)