12 Exercises (Static)i PLASMA SCREENS CORPORATION Balance Sheets December 31, 2821 and 2020 2021 2020 Assets Current assets: Cash 242,000 130 ,070 Accounts receivable 98, 000 102 , 050 Inventory 105,600 90,09 Investments 5,900 3,800 Long term assets: Land 580, 900 580, 060 Equipment 890, 006 770, 060 Less : Accumulated depreciation (528,000 (368, 060 Total assets $1, 392, 000 $1, 307,068 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 109,000 95,000 Interest payable 7,000 13,008 income tax payable 9,000 6,000 Long term liabilities: Notes payable 110, 000 220,090 stockholders ' equity: Common stock 800 , 006 800 , 090 Retained earnings 357,000 173,090 Total liabilities and stockholders $1, 392 , 090 $1, 307, 808 equity Additional information for 2021 income is $184.060 Sales on accour are $1.890.000 account are al.OBV. sads sold is $1.394 56 3. Cost of Goods sIncome tax payable 9,208 6,060 Long-term liabilities: Notes payable 110 , 200 220, 950 Stockholders' equity: Common stock 809 , 200 Retained earnings 357 , 200 173,020 Total liabilities and stockholders equity $1, 392 , 900 11, 307 , 020 Additional information for 2021 1. Net income is $184,000 Sales on account are $1,890,000 .Cost of goods sold is $1,394.250 Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) Receivables turnover ratio Inventory tumover ratio Current relic Debt to equity ratiobanking ass PNC Student Loan 12 Exercises (Static) Saved Retained earnings 357 ,090 Total liabilities and stockholders 173, 090 equity $1, 392, 000 $1, 307 , 600 Additional information for 2021 1. Net income is $184,000 Sales on account are $1,890,000 3. Cost of goods sold is $1,394,250 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal ple a. Gross profit ratio b. Return on assets C. Profit margin Asset turnover times e. Return on equity Prev Next E