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Question 2 (20 marks) Statements. One of the Bank's clients (Earl Grey Golf Corp.) has provided you with their latest Financial Earl Grey Golf Corporation 2019 and 2020 Statement of Financial Position ASSETS LIABILITIES 2019 2020 2019 CURRENT ASSETS 2020 CURRENT LIABILITIES Cash $24,046 $24,255 Accounts Payable $23,184 Accounts Receivable $27,420 12,44 15.235 Notes Payable 12,00 Inventory 25,39 10,800 27,155 Other TOTAL Current Assets 11,571 15,553 $61,886 $66,645 Total Current Liabilities $46,755 $53,773 FIXED ASSETS Long Term Debt $80,000 $95,000 Net Plant & Equipment $324,695 $365.734 OWNERS EQUITY Common Stock $40,000 $40,000 Retained Earnings 219,826 243,606 TOTAL ASSETS $386,581 TOTAL OWNERS EQUITY $432,379 TOTAL Liabilities & OF $259,826 $283,606 $386,581 $432,379 Fement of Comprehensive Income 2020 Sales $366,966 Cost of Goods Sold 253,122 Depreciation 32,220 Earnings Before Interest & Tax $81,654 Interest Paid 14.300 Taxable Income $67,354 Taxes (35%) 23,574 Net Income $43,780 Dividends $20,000 Additions to Retained Earnings 23,780 Your boss wants you to do to the following; 1. Calculate the Following Ratios for both years Balance Sheet ratios and only one year for Income Statement ratios (show all your work); Current Ratio, Quick Ratio, Cash Ratio, Asset Turnover Ratio, Inventory Turnover, total Debt ratio, debt to equity ratio, times interest earned ratio, Profit Margin, Return on Assets and Return on Equity. 2. The client has asked for a $10 million loan. Based on the ratio's above which one's do you believe are most important to a bank and why? Make a recommendation (short paragraph) should the bank lend the client the money? Why or Why not