CASE STUDY You have been hired as an analyst for Mellon Bank and your team is working on an independent assessment of Daffy Duck Food Inc. (DDF Inc.) DDF Inc. is a firm that specializes in the production of freshly imported farm products from France. Your assistant has provided you with the following data for Flipper Inc and their industry. 2019 2018 2017 Ratio Long-term debt Inventory Turnover Depreciation/Total Assets Days' sales in receivables Debt to Equity Profit Margin Total Asset Turnover Quick Ratio Current Ratio Times Interest Earned Equity Multiplier 0.45 62.65 0.25 113 0.75 0.082 0.54 1.028 1.33 0.40 42.42 0.014 98 0.85 0.07 0.65 1.03 1.21 4.375 1.85 0.35 32.25 0.018 94 0.90 0.06 0.70 1.029 1.15 4.45 1.90 2019- Industry Average 0.35 53.25 0.015 130.25 0.88 0.075 0.40 1.031 1.25 4.65 1.88 0.9 1.75 a. You are asked to provide the shareholders with an assessment of the firm's solvency and leverage. Be as complete as possible given the above information, but do not use any irrelevant information. (30 points)