Need help with part A and part B with an explanation. Thank you!

1. a) Calculate all of the ratios (given below) for Michigan Corp. for the year 2020
2. b) Using the following 2020 industry averages, evaluate Michigan Corp.'sfinancial situation. [That is benchmark each of the ratios using Industry Average (Ind. Average) for all ratios]

W AutoSave Off HW_1_Chapter 3_BF_10_Points - Compatibility Mode . Saved to this PC Search (Alt+Q) rodrigp45@outlook.com X File Home Insert Draw Design Layout References Mailings Review View Help Comments Share 39 Outline O Ruler One Page DO View Side by Side 100 Multiple Pages In Synchronous Scrolling Read Print Web Draft Focus Immersive Vertical Side Gridlines Zoom 100% New Arrange Split Switch Macros Properties Mode Layout Layout Reader to Side Navigation Pane Page Width Window All Reset Window Position Windows v Views Immersive Page Movement Show Zoom Window Macros SharePoint CHAPTER 3: WORKING WITH FINANCIAL STATEMENTS DUE ON 6/7/2022 [10 POINTS ASSIGNMENT ] (PART-A): [PLEASE DROP THE COMPLETED ASSIGNMENT IN THE DROPBOX] INDIVIDUAL ASSIGNMENT. WINDOWS COMPATIBLE FORMAT ONLY [NO MACS PLEASE] MICHIGAN CORP. HAS PREPARED THE FOLLOWING FINANCIAL STATEMENTS: Michigan Corp. Michigan Corp. Income Statement Balance Sheet For the Year Ended Dec. 31 2020 As of Dec. 31 2020 2020 Assets 2020 Sales ,074,000 431,000 Cost of Goods Sold 2,088,000 986,000 Accounts Receivable 503,000 Gross Profit Inventories 289,000 Selling and G&A Expenses 294,000 Total Current Assets 1,223,000 Fixed Expens 35,000 s Fixed Assets 4,669,000 Depreciation Expense 239,000 Accumulated Depreciation 2.295,000 418,000 Net Fixed Assets 2,374,000 Interest Expense 93,000 Total Assets 3,597,000 Earnings Before Taxes 325,000 Liabilities and Owners' Equity Tam's 94,000 Accounts Payable 82.000 Net Income 231,000 Short-term Notes Payable 79,000 Accrued Expenses 159,000 Total Current Liabilities 620,000 Long-term Debt 1.023,000 Total Liabilities 1,643,000 on Stock 819.000 Retained Earnings 1.135,000 Total Shareholder's Equity 1,954,000 Total Liabilities and Owners' Equity 3,597,000 a) Calculate allof the ratios (given below) for Michigan Corp. for the year 2020 0 b) Using the following 2020 industry averages, evaluate Michigan Corp.'s financial situation. [That is benchmark each of the ratios using Industry Average (Ind. Average) for all ratios Average FIRM Average FIRM Current Ratio 2.0x Quick Ratio 0.5x Times Interest Earned 5.5x Inventory Turnover Ratio 6.5x Accou Receivable Turnover Ratio 12.0x Profit Margin 5.09% Average Collection Period (Day's sales in receivables 30.0 days Return on Common Equity R 10.09% Return on Total Assets 6.04% Total Asset Turnover 1.5x Total Debt Ratio 40.09% Benchmarking Example (not related to above data): [Need to Ber wa). [need to Benchmark all the ratios above] Ratio Firm Value Industry Average Comment Return on Equity (ROE 9.89% 5.896 Current Ratio 23x 3.0x Poor Page 1 of 1 295 words Text Predictions: On ?Accessibility: Unavailable " Focus + 60% : 72.F view E N EPIC P F 11:49 AM 7/6/2022 Rain coming