Step 4: ANALYSIS Take a look at the resulting financial statements below and provide calculations for the following. Round to 2 decimal points: Show your formula in this column for each of the ratios. 4A) What is your Fixed Asset Turnover Ratio? 4B) What is your Days to Collect Ratio? 4C) What is your Accounts Receivable Turnover Ratio? 4D) What is your Debt to Assets Ratio? 4E) What is your Times Interest Earned? "4F) - What is the value of your Days to Collect ratio? What is this telling you about your company? - If your Days to Collect ratio was lower, would this be good or bad? Why?" Days to Collect: "4G) - What is the value of your Fixed Asset Turnover ratio? What is this telling you about your company? If your Fixed Asset Turnover ratio was higher, would this be good or bad? Why?" Fixed Asset Turnover Ratio: 4H) Now consider the position of your company if cash was $65,000 (i.e. instead of the $50,000 amount currently presented on the balance sheet). What would your Current Ratio be if cash was $65,000? Is the revised current ratio better or worse? What does this mean for your company? "4I) - What is the value of your Times Interest Earned ratio? What is this telling you about your company? If your T.I.E. ratio was higher, would this be good or bad? Why?" T.I.E Ratio: ii) - What is the value of your Debt to Assets ratio? What is this telling you about your company? If your Debt to Assets ratio was higher, would this be good or bad? Why? Debt to Assets: FINANCIAL STATEMENTS DO NOT CHANGE ANYTHING IN THE FINANCIAL STATEMENTS. RESULTS WILL AUTOMATICALLY POPULATE. Manjot Kaur Company Ltd. Company Ltd. Manjot Kaur Company Ltd. Balance Sheet Balance Sheet Income Statement At December 31, 2022 At December 31, 2021 For the Quarter Ending December 31, 2022 ASSETS REVENUE Current Assets: Sales Revenue $650,000.00 Cash $50,000.00 $48,000.00 Sales Returns $13,000.00 Accounts Receivable $95,000.00 Sales Discounts $13,000.00 Allowance for Doubtful Accounts $4,750.00 Net Sales $624,000.00 Net Accounts Receivable $90,250.00 $70,250.00 Inventory $26,000.00 $52,000.00 Cost of Goods Sold $292,500.00 Cash Equivalents $5,986.75 $5,986.75 Gross Profit $331,500.00 Total Current Assets $172,236.75 $176,236.75 EXPENSES Long-Lived (Fixed) Assets: Sales and Admin Expenses: Buildings $125,000.00 Advertising $25,000.00 Less Accumulated Depreciation Buildings $62,500.00 Rent $90,000.00 Net Book Value Buildings $62,500.00 $70,313.00 Office Supplies $8,000.00 Wages $156,000.00 Property and Equipment $616,581.00 Total S & A Expenses $279,000.00 Less Accumulated Depreciaton P&E $142,595.00 Net Book Value P&E $473,986.00 $498,986.00 Operating Income $52,500.00 Total Long-Lived (Fixed) Assets $536,486.00 $569,299.00 Other Revenue & Expenses Rental Revenue $3,000.00 TOTAL ASSETS $708,722.75 $745,535.75 Interest Expense $1,399.98 Depreciation Expense $15,000.00 LIABILITIES Income Tax Expense $13,125.00 Current Liabilities: Accounts Payable $15,000.00 NET INCOME (PROFIT/LOSS) $25,975.02 Unearned Revenue $16,505.00 Accrued Interest Payable $5,133.00 Notes Payable $80,000.00 Total Current Liabilities $116,638.00 $52,016.00 Long-Term Liabilities Loan Payable $3,000.00 Bonds Payable $150,000.00 Total Long-Term Liabilities $153,000.00 $153,000.00 TOTAL LIABILITIES $269,638.00 $205,016.00 EQUITY Common Shares $200,000.00 $200,000.00 Retained Earnings $239,084.75 $340,519.75 TOTAL EQUITY $439,084.75 $540,519.75 TOTAL LIABILITIES AND EQUITY $708,722.75 $745,535.75 Once this spreadsheet is completed and all yellow highlighed fields have been entered, submit only this spreadsheet to the dropbox by the due date