Before you begin, print out all the pages in this workbook. The financial statements of Dandy Distributors Ltd. are shown on the "Fcl. Stmts." page. Required: 1 Based on Dandy's financial statements, calculate ratios for the year ended December 31, 2020. Assume all sales are on credit. Show your work. 2 From these ratios, analyze the financial performance of Dandy. Dandy Distributors Ltd. Income Statement For the Year Ended December 31, 2020 2020 Sales, net Less: Cost of goods sold Gross profit Operating expenses Selling Salaries and benefits Delivery Office supplies Warranty Total selling General and administrative Bad debts Depreciation Professional fees Total general and adminstrative Total operating expenses Income (loss) from operations Other income (expenses) Rent revenue Income (loss) before interest and income taxes 1,757,710187,0001,157,122200,090 Interest expense Income (loss) before income taxes 1,075,465682,245488,521668,600 Income taxes (recovered) Net income (loss) Dandy Distributors Ltd. Statement of Changes in Equity For the Year Ended December 31, 2020 Dandy Distributors Ltd. Balance Sheet At December 31, 2020 Assets Liabilities Current Stockholders' Equity Common stock, \$1 per share Preferred stock, \$10 per share Retained earnings (deficit) Total liabilities and S/H equity Dandy Distributors Ltd. Selected Financial Ratios