Using the following data for Jackson Products Company, answer Parts a through g: Jackson Products Companys Balance Sheet December 31, 2013 Cash $ 240,000 Accounts payable $ 380,000 Accounts receivable 320,000 Notes payable (9%) 420,000 Inventory 1,040,000 Other current liabilities 50,000 Total current assets $1,600,000 Total current liabilities $ 850,000 Net plant and 800,000 Long-term debt (10%) 800,000 equipment Total assets $2,400,000 Stockholders equity 750,000 Total liabilities and stockholders equity $2,400,000 Income Statement for the Year Ended December 31, 2013 Net sales (all on credit) $3,000,000 Cost of sales 1,800,000 Gross profit $1,200,000 Selling, general, and administrative expenses 860,000 Earnings before interest and taxes $340,000 Interest: Notes $37,800 Long-term debt 80,000 Total interest charges 117,800 Earnings before taxes $222,200 Federal income tax (40%) 88,880 Earnings after taxes $133,320 Industry Averages Current ratio 2.5:1 Quick ratio 1.1:1 Average collection period (365-day year) 35 days Inventory turnover ratio 2.4 times Total asset turnover ratio 1.4 times Times interest earned ratio 3.5 times Net profit margin ratio 4.0% Return on investment ratio 5.6% Total assets/stockholders equity (equity multiplier) ratio 3.0 times Return on stockholders equity ratio 16.8% P/E ratio 9.0 times a. Evaluate the liquidity position of Jackson relative to that of the average firm in the industry. Consider the current ratio, the quick ratio, and the net working capital (current assets minus current liabilities) for Jackson. What problems, if any, are suggested by this analysis? b. Evaluate Jacksons performancebylookingatkeyassetmanagementratios.Are any problems apparent from this analysis? c. Evaluate the financial risk of Jackson by examining its times interest earned ratio and its equity multiplier ratio relative to the same industry average ratios. d. Evaluate the profitability of Jackson relative to that of the average firm in its industry. e. Give an overall evaluation of the performance of Jackson relative to other firms in its industry. f. Perform a DuPont analysis for Jackson. What areas appear to have the greatest need for improvement? g. Jacksons currentP/Eratiois7times.Whatfactor(s)aremostlikelytoaccount for this ratio relative to the higher industry average ratio?