In Chapter 11, we prepared a cash flow statement for Fitness Equapment Doctor, Inc. Now, we will analyze Fitness Equipment Doctor, Inc's financial statements using the tools we leamed in this chapter. Following are Fitness Equipment Doctor, Inc:'s balance sheets for the months ended May 31 and April 30,2019, and the income statement for the month ended May 31, 2019 Requirements 1. Prepare a vertical analysis of the income statement using a multi-step income statement. Round percentages to one-tenth of a percent. 2. Calculate the current ratio for Fitness Equipment Doctor, Inc, at May 31, 2019. 3. Calculate the quick ratio for Fitness Equipment Doctor, Inc., at May 31, 2019. 4. Why do you think the current and quick ratios are favorable? Do you believe this is a temporary situation or a long-term situation? Continuing Problem Requirements 1. Prepare a vertical analysis of the income statement using a multi-step income statement. Round percentages to one-tenth of a percent. 2. Calculate the current ratio for Fitness Equipment Doctor, Inc., at May 31 , 2019 3. Calculate the quick ratio for Fitness Equipment Doctor, Inc., at May 31, 2019 4. Why do you think the current and quick ratios are favorable? Do you believe this is a temporary situation or a long-term situation? Req 2 Current ratio: Req 3 Quick ratio: Req4