Happy hamburger company (130 points)

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Happy Hamburger Company (130 Points)             ________________________________________           Below are the balance sheet and income statement for Happy Hamburger Company.                         Happy Hamburger Company               Balance Sheet as of December 31, 20XX             Assets     Liabilities and Shareholder Equity             Cash 78,000   Accounts payable 136,000           Accounts Receivable 336,500   Current portion of debt 82,500           Inventories 225,000   Other current liabilities 114,000           Total current assets 639,500   Total current liabilities 332,500           Net fixed assets 310,000   Long-term debt 252,000           Total assets 949,500   Total Liabilities 584,500                 Common equity 365,000                 Total Liabilities & Equity 949,500                                                   Happy Hamburger Company               Income Statement for the year ending December 31, 20XX         Sales 1,704,560                 Cost of goods sold 1,489,000                 Selling, general and administrative expenses 152,000                    Earnings before interest and taxes (EBIT) 63,560                 Interest expense 26,200                    Earnings before taxes (EBT) 37,360                 Federal and state income taxes (40%) 14,944                 Net Income 22,416                 Required:                   1 Calculate the following ratios for the company.         2 Explain whether the company is doing better or worse than the industry average for each ratio.   Happy                 Hamburger Industry                 Average                   Current ratio            1.7               Days sales outstanding (based on 365 day year)            36 days               Inventory turnover            7.3               Fixed asset turnover            12.1               Total asset turnover            3               Return 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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