The following information was contained in the annual financial statements of Pine Company, which started business January 1, 2009 (assume account balances only in Cash and Capital Stock on this date; all amounts are in thousands of dollars).

Required:
1. Complete the following tabulation

2. Evaluate the results of the related ratios a, b, and c to identify the favorable or unfavorable factors.
Give your recommendations to improve the company's operations.
3. Evaluate the results of the last four ratios (d, e, f, and g) and identify any favorable or unfavorable factors. Give your recommendations to improve the company'soperations.

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2009 2010 2011 $18 20 80 2012 $12 14 Accounts receivable (net; terms n/30$11 Merchandise inventory Net sales (3/4 on credit) Cost of goods sold Net income (loss) $24 30 100 62 12 28 40 12 Items 2009 2010 2011 2012 a. Profit margin percentage b. Gross profit ratio c. Expenses as percentage of sales, excluding cost of goods sold d. Inventory turnover ratio e. Days' supply in inventory f Receivable turnover ratio g. Average days to collect