20 Dec Complete the following questions using Microsoft W
Complete the following questions using Microsoft Word or Excel, as appropriate. Review the grading rubric to confirm you are meeting the assignment requirements.Below are the balance sheet and income statement for Happy Hamburger Company.Happy Hamburger CompanyBalance Sheet as of December 31, 20XXAssetsLiabilities and Shareholder EquityCash 85,000Accounts payable 145,000Accounts Receivable 340,000Current portion of debt 90,000Inventories 250,000Other current liabilities 114,000 Total current assets 675,000Total current liabilities 349,000Net fixed assets 360,000Long-term debt 265,000Total assets 1,035,000Total liabilities 614,000Common equity 421,000Total liabilities & equity 1,035,000Happy Hamburger CompanyIncome Statement for the year ending December 31, 20XXSales 1,810,000Cost of goods sold 1,510,000Selling, general and administrative expenses 152,000 Earnings before interest and taxes (EBIT) 148,000Interest expense 26,200 Earnings before taxes (EBT) 121,800Federal and state income taxes (40%) 48,720Net Income 73,080Required:Calculate the following ratios for the company.Explain whether the company is doing better or worse than the industry average for each ratio. HappyIndustry HamburgerAverageCurrent ratio1.7Days sales outstanding (based on 365 day year)36 daysInventory turnover7.3Fixed asset turnover12.1Total asset turnover3.00Return on sales3.20%Return on assets3.60%Return on equity9.00%Debt ratio71%
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