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The income statement and the balance sheet for the company is shown below. All sales are on credit. As of January 1, the balance in J. Palmerston, Capital was $675, 000 and the balance in Accounts Receivable was $130,000. Calculate the following and explain what each ratio means for the company: a. Working capital b. Current ratio c. Quick ratio d. Merchandise turnover e. Accounts receivable collection period f. Equity ratio g. Debt ratio h. Rate of return on net sales i. Rate of return on average owner's equityJ. Palmerston Enterprises Income Statement For the year ended December 31, 20-1 Revenue Sales $1 530 000 Sales Returns and Allowances 30 000 Net Sales $1 500 000 Cost of Goods Sold Inventory, January 1 240 000 Net Purchases 1 030 000 Cost of Goods for Sale 1 270 000 Less: Inventory, December 31 220 000 Cost of Goods Sold 1 050 000 Gross Profit 450 000 Operating Expenses Advertising 15 300 Salaries 116 400 Bad Debts 1 600 Bank Charges and Interest 47 200 Delivery 19 500 Depreciation-Building 33 750 Depreciation-Equipment 17 800 Depreciation-Delivery Equipment 12 500 Utilities 16 450 Other 10 500 Total Expenses 291 000 Net Income $ 159 000J. Palmerston Enterprises Balance Sheet As at December 31, 20-1 Assets Current Assets Cash $ 72 500 Marketable Securities 32 500 Accounts Receivable 170 000 Merchandise Inventory 230 000 Prepaid Expenses 5 000 Total Current Assets $ 510 000 Plant and Equipment Land 225 000 Building 675 000 Equipment 95 000 Delivery Equipment 80 000 Total Plant and Equipment 1 075 000 Total Assets $1 585 000 Liabilities and Owner's Equity Current Liabilities Accounts Payable $350 000 Bank Loan 50 000 Total Current Liabilities $ 400 000 Long-Term Liabilities Mortgage 450 000 Total Liabilities 850 000 Owner's Equity J. Palmerston, Capital 735 000 Total Liabilities and Owner's Equity $1 585 000