Happy Hamburger Company (130 Points)Below are the balance sheet and income statement for Happy Hamburger Company.Happy Hamburger CompanyBalance Sheet as of December 31, 20XXAssetsLiabilities and Shareholder EquityCash 78,000Accounts payable 136,000Accounts Receivable 336,500Current portion of debt 82,500Inventories 225,000Other current liabilities 114,000Total current assets 639,500Total current liabilities 332,500Net fixed assets 310,000Long-term debt 252,000Total assets 949,500Total Liabilities 584,500Common equity 365,000Total Liabilities & Equity 949,500Happy Hamburger CompanyIncome Statement for the year ending December 31, 20XXSales 1,704,560Cost of goods sold 1,489,000Selling, general and administrative expenses 152,000 Earnings before interest and taxes (EBIT) 63,560Interest expense 26,200 Earnings before taxes (EBT) 37,360Federal and state income taxes (40\%) 14,944Net Income 22,416Required:Calculate the following ratios for the company.Explain whether the company is doing better or worse than the industry average for each ratio.HappyHamburgerIndustryAverageCurrent ratio 1.7Days sales outstanding (based on 365 day year) 36 daysInventory turnover 7.3Fixed asset turnover 12.1Total asset turnover 3.00Return on sales 3.20\%Return on assets 3.60\%Return on equity 9.00\%Debt ratio 71\%Use an Excel spreadsheet for your answers.




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