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BUSI 320 Comprehensive Problem 1 Version FALL Use the following information to answer the questions below: note: all sales are credit sales Income Stmt info: 2019 2020 Sales $ 800,000 $ 880,000 less Cost of Goods Sold: 220,000 240,000 Gross Profit 580,000 640,000 Operating Expenses 480,000 505,000 Earnings before Interest & Taxes 100,000 135,000 Interest exp 25,000 25,000 earnings before Taxes 75,000 110,000 Taxes 25,000 30,000 Net Income $ 50,000 $ 80,000 Balance Sheet info: 12/31/2019 12/31/2020 Cash 60,000 $ 65,000 Accounts Receivable 90,000 95,000 Inventory 110,000 130,000 Total Current Assets 260,000 290,000 Fixed Assets (Net) S 300,000 330,000 Total Assets 560,000 $ 620,000 Current Liabilities 130,000 $ 140,000 Long Term Liabilities 170,000 200,000Operating Expenses 480,000 505,000 Earnings before Interest & Taxes 100,000 135,000 Interest exp 25,000 25,000 earnings before Taxes 75,000 110,000 Taxes 25,000 30,000 Net Income $ 50,000 $ 80,000 Balance Sheet info: 12/31/2019 12/31/2020 Cash 60,000 $ 65,000 Accounts Receivable 90,000 95,000 Inventory 110,000 130,000 Total Current Assets 260,000 290,000 Fixed Assets (Net) 300,000 330,000 Total Assets 560,000 $ 620,000 Current Liabilities 130,000 140,000 Long Term Liabilities 170,000 $ 200,000 Total Liabilities S 300,000 340,000 Stockholder's Equity 260,000 280,000 Total Liab & Equity: 560,000 620,000Compute each of the following ratios for 2019 and 2020 and indicate whether each ratio was getting "better" or "worse" from 2019 to 2020 and whether the 2020 ratio was "good" or "bad" compared to the Industry Avg (round all numbers to 2 digits past the decimal place) "Good" or "Bad" Getting compared Better or 2020 to Getting Industry Industry 2019 2020 Worse? Avg Avg Profit Margin 0.08 Current Ratio 1.80 Quick Ratio 1.12 Return on Assets 0.18 Debt to Assets 0.60 Receivables turnover 12.00 Avg. collection period* 22.10 Inventory Turnover* * 8.25 Return on Equity 0.16 Times Interest Earned 8.15 *Assume a 360 day year **Inventory Turnover can be computed 2 different ways. Use the formula listed in the text (the one the text indicates many credit reporting agencies generally use)