our friend has opened a store selling new and used sports equipment. He has asked you to review his financial statements (balance sheet and income statement) to see if you can tell him how his business is doing. Please review the information in the attached file Simply Sports Financial Statements.In your post, provide a brief summary of the current financial state of Simply Sports. Share three observations you have from reviewing the balance sheet and income statement, and explain how you arrived at these observations. You might calculate gross margin percentage or net profit margin percentage. You might choose to calculate a financial ratio or two. But please remember to state the “meaning” of whatever numbers you choose. Based on your observations, what recommendation(s) do you have for your friend at Simply Sports?