You are given the following balance sheet and income statement information for Ultra Corporation:

What is the purpose of Ultra Corporation’s balance sheet and income statement? Use the information in the financial statements above to calculate the liquidity, financial leverage, efficiency, and profitability ratios for Ultra Corporation. Using these ratios, describe your impressions of Ultra Corporation’s firm-specific characteristics. The table below displays the average ratios for similar firms in the industry in which Ultra Corporation operates. 

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Balance Sheet for Ultra Corporation (Numbers are in Millions) Liabiliti es and Shareho lders' Equity Assets Short-term (current) assets Short-term liabilities $ 300 $1300 Accounts payable Cash and marketable securities 800 Accounts receivable Short-term debt 500 $1800 Inventories 1000 Total short-term liabilities Total short-tem assets $2100 Fixed Assets $1500 Long-term debt $ 800 -500 Less depreciation $ 500 $100 Shareholders' equity Net fixed assets Total llabilities and shareholders' equity Total assets $3100 $3100 Income Statement for Ultra Corporation (Numbers are in Millions) Revenue (sales) $4000 Cost of goods sold 2900 Gross profit $1100 Operating expenses 830 Earnings before interest and taxes $ 270 Interest expense 200 Earnings before taxes $ 70 Тахes 14 Earnings after taxes $ 56