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Some recent financial statements for Gutfeld Golf, Inc.,follow.GUTFELD GOLF, INC.Balance Sheets as of December 31, 2016 and 2017 2016 2017 2016 2017AssetsLiabilities and Owners’ Equity Current assetsCurrent liabilities Cash$6,407$9,410 Accounts payable$3,413$3,846 Accounts receivable6,7028,149 Notes payable2,7683,416 Inventory13,75715,930 Other138165 Total$26,866$33,489 Total$6,319$7,427Long-term debt$25,200$27,366Owners’ equity Common stock and paid-in surplus$38,000$38,000 Fixed assets Accumulated retained earnings16,03537,506 Net plant andequipment$58,688$76,810 Total$54,035$75,506 Total assets$85,554$110,299Total liabilities and owners’ equity$85,554$110,299GUTFELD GOLF, INC.2017 Income Statement Sales$202,527 Cost of goods sold138,383 Depreciation5,910 EBIT$58,234 Interest paid1,617 Taxable income$56,617 Taxes22,647 Net income$33,970 Dividends$12,499 Retained earnings21,471Required:Find the following financial ratios for Gutfeld Golf (useyear-end figures rather than average values where appropriate):(Do not round intermediatecalculations. Round your answers to 2 decimalplaces (e.g., 32.16).)20162017 Short-term solvency ratios a.Current ratiotimestimes b.Quick ratiotimestimes c.Cash ratiotimestimes Asset utilization ratios d.Total asset turnovertimes e.Inventory turnovertimes f.Receivables turnovertimes Long-term solvency ratios g.Total debt ratiotimes h.Debt-equity ratiotimes i.Equity multipliertimes j.Times interest earned ratiotimes k.Cash coverage ratiotimes Profitability ratios l.Profit margin% m.Return on assets% n.Return on equity%