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Calculate Cary's forecasted financial ratios.b$.$ Compare the estimated financial ratios for Cary Corporation with the industry average financialratios and indicate strengths and weaknesses regarding liquidity $($Quick and Current ratios$),$ assetmanagement $($Days Sales Outstanding and Turnover ratios$),$ indebtedness $($Debt ratio$),$ andprofitability $($Return$,$ Profit, and P$/$E ratios$)$ of Cary Corporation with respect to the industry.Cary Corporation: Forecasted Balance Sheet as of December $31$Cary Corporation: Forecasted Income StatementCash$ $72,000$ Accounts and notes payable $ $432,000$Accounts receivable$439,000$Accruals$170,000$Inventories$894,000$Total current liabilities$ $602,000$Total current assets$$1,405,000$Long$-$term debt$404,290$Land and building$238,000$Common stock$575,000$Machinery$132,000$Retained earnings$254,710$Other fixed assets$61,000$Total assets$$1\mathrm{.}836\mathrm{.}000$Total liabilities and equity$$1\mathrm{.}836\mathrm{.}000$Sales$$4,290,000$Cost of goods sold$(3,580,000)$Gross operating profit$ $710,000$General administrative and selling expenses$(236,320)$Depreciation$(159,000)$Miscellaneous$(134\mathrm{.}000)$Earnings before taxes $($EBT$)$$ $180,680$Taxes $(40\%)72\mathrm{.}272)$Net incomeS $108\mathrm{.}408$Number of shares outstanding$23,000$Per$-$Share DataEPS$ $4\mathrm{.}71$Cash dividends per share$ $0\mathrm{.}95$P$/$E ratio$5\mathrm{.}0$xMarket price $($average$)$$$23\mathrm{.}57$Industry Financial Ratios$*$Quick ratio$1\mathrm{.}0$xCurrent ratio$2\mathrm{.}7$Inventory turnover$5\mathrm{.}8$xDays sales outstanding$32$ daysFixed assets turnoverh$13\mathrm{.}0\backslash$times Total assets turnovers$2\mathrm{.}6$xReturn on assets$9\mathrm{.}1\%$Retur on equity$18\mathrm{.}2\%$Debt ratio$50\mathrm{.}0\%$Profit margin on sales$3\mathrm{.}5\%$P$/$E ratio$6,0$x

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