needs ratio part answer

Your favorite uncle owns Wheels Forever Ltd., a local company who sells skateboards and accessories. Your uncle approaches a local bank for a loan and is asked to submit financial statements prepared on an accrual basis. Although the company keeps no formal accounting records, it does maintain a record of cash receipts and payments made on the company's debit card. The following information is available for company's first year of operations ending September 30, 2021. Cash receipts Cash payments Issue of common shares $20,000 Sales revenue 250,300 Equipment $40,000 Supplies on hand 8,100 Inventory purchased 150,000 Rent expense 18,400 Insurance expense 3,840 Income tax expense 6,600 Bank loan 50,000 Advertising expense 6,800 Salaries expense 57,700 Dividends declared 11,000 You are a talented Hill School of Business student who is just about to finish BUS 285. You have been asked by your uncle to help prepare the information requested by the bank. You thought you should brush up on the definitions of the two accounting methods - cash and accrual. You remembered there was a question about cash vs. accrual on URCourses so you thought you should complete this NOW to make sure you were clear on the concepts. Wheels Forever Your uncle meets with you again and says the following transactions might need to be considered in the finalizing the statements. 1) The annual interest on the long term loan has not been recorded. 2) A final evaluation of inventory still needs to be done. Luckily your uncle had already collected all the information for these 2 adjustments in an excel spreadsheet. You make sure to write out the required journal entries before adding them to the unadjusted trial balance. Once you make these adjustments to the unadjusted trial balance, you decide to prepare, in good form, the classified statement of financial position, statement of retained earnings and multi step statement of income. You know the banker will expect to see these statements in proper order. The bank wasn't specific on the ratios they wanted so you went ahead and calculated the ratios you thought the banker would need for the meeting. You decided to calculate the current ratio, working capital, inventory turnover in days, gross profit margin ratio and the profit margin ratio. You write out the formulas , show your detailed calculations and the meaning of the ratios you calculated in your own words to make sure you understood what they mean just in case the banker asked you about them. In addition to the chart above, your uncle provides the following: 1) Revenue from skateboards delivered but not yet collected amounted to $24,560. 2) The store furnishing equipment was purchased at the beginning of October 2020 and has an estimated five year useful life. The company uses straight line depreciation. 3) Supplies on hand on September 30 were $2,260. 4) Rent payments included a $1,370 per month rental fee and a $1,960 deposit that is refundable at the end of the two year lease (September 30, 2023). 5) The insurance was purchased on February 1 for a one year period expiring January 30, 2022. 6) Salaries earned for the last four days in September and to be paid in October 2021 amounted to $3,950. 7) At year end, it was determined that an additional $9,500 is owed for income tax. 8) Inventory on hand on September 30 was $20,000. The company uses a perpetual inventory system. Your uncle has to leave for the day but says he would let you know soon what other adjustments might be needed to have complete and accurate statements ready for the bank