tioga chemical corporation has a line of credit from the southern tier national bank that is due to be renewed february 1, 20x2. the bank has requested that the currnt income statement and comparative balance sheets for december 31 20x0 and 20x1. the bank also has requested that tioga chemical corporation calculate several rations and report the latest industry ratios, the firm’s ratios have not been calculated for 20x1. however the accounting staff has gathered the following industry ratios, which are the latest available.
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