B. C. D. E. The following information is provided from the 2022 financial statements of Glimmering Trash Bins Inc. Perform financial analysis for Glimmering Trash Bins Inc. using the following comparative income statement and balance sheet information for 2022 and 2021. A. Identify the type of ratio as being either a LE - Liquidity & Efficiency ratio S-Solvency ratio P-Profitability ratio M-Market ratio. Compute the formula using the formula sheet provided and round the answer to two decimal places. You are NOT required to write out the formula. Compare your ratio to the industry average and indicate if it is Favourable or Unfavourable Show calculations. Comparative income statement and balance sheet data for Glimmering Trash Bins Inc. SELECTED DATA Net sales (all on credit) 2022 $ 1,075,000 575 000 2021 Comparative income statement and balance sheet data for Glimmering Trash Bins Inc. SELECTED DATA Net sales (all on credit) Cost of goods sold Gross profit 2022 2021 $1,075,000 575,000 500,000 Operating expenses Income from operations Interest expense Income before taxes Income Taxes Profit 305,000 195,000 20,400 174,600 74,000 100,600 Cash $ 38,400 Accounts receivable, net 120,000 100,000 Inventory 57,600 50,200 Prepaid expenses 24,000 Plant assets, net 720,000 Total assets $960,000 1,200,000 91.200 85.000 Income Taxes Profit 100,600 Cash $ 38,400 Accounts receivable, net 120,000 100,000 Inventory 57,600 50,200 Prepaid expenses 24,000 Plant assets, net 720,000 Total assets $960,000 1,200,000 Accounts Payable 91,200 85,000 Interest Payable 4,800 Long-term note payable, secured by 216,000 mortgage Common shares 480,000 Retained Earnings 168,000 480,000 128,000 Total liabilities and equity $ 960,000 Note: 240,000 common shares have been issued and outstanding since the company started operations. Glimmering Trash paid annual cash dividends of $1.20 per share in 2022 and the market prices of the company's shares were $50 in 2022. RATIO TYPE OF RATIO ANSWER INDUSTRY FAVOURABLE-For RATIO SHOW AVERAGE UNFAVOURABLE-U WORKINGS FOR LE-Liquidity & COMPUTING Efficiency RATIO 1. Current Ratio S-Solvency P-Profitability M Market 2. Debt Ratio I 1.6:1 35% 3. Days' Sales Uncollected 36 days 4. Profit Margin 14% 5. Inventory. Turnover 5 times 6. Accounts Payable Turnover 5 times 7. Times Interest Earned 30 times