Use the following information to answer the questions on page 2 below: (note: all sales are credit sales) 2019 2020 $ Income Stmt info: Sales $ less Cost of Goods Sold: Gross Profit 1,100,000 450,000 650,000 1,188,000 481,500 706,500 330,000 346,500 320,000 360,000 Operating Expenses Earnings before Interest & Taxes Interest exp earnings before Taxes Taxes Net Income $ 30,000 330,000 25,000 295,000 118,000 177,000 132,000 $ 198,000 Balance Sheet info: Cash 12/31/2019 60,000 80,000 $ 12/31/2020 72,000 81,600 Accounts Receivable $ $ 135,000 $ 110,000 250,000 300,000 $ Inventory Total Current Assets Fixed Assets (Net) Total Assets 288,600 $ $ 315,000 $ 550.000 $ 603.600 $ $ 139,100 Current Liabilities Long Term Liabilities Total Liabilities $ 130,000 150,000 280,000 $ 183,000 $ $ 322,100 $ 270,000 $ 281,500 Stockholder's Equity Total Liab & Equity: $ 550.000 $ 603.600 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 was "good" or "bad" compared to the Industry Avg in 2020 (round all numbers to 2 digits past the decimal place) Getting Better or Getting Worse? 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 "Good" or 2020 "Bad" Industry compared to Avg Industry Avg 0.11 1.90 1.12 .28 .55 18.00 21.20 8.25 0.55 11.15 *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)