2019 Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 136,500 Debt investments (short-term) 107,250 Accounts receivable 202,800 Inventory 448,500 Prepaid expenses 48,750 Land 253,500 Building and equipment (net) 507,000 Total assets $1,704,300 Liabilities and Stockholders' Equity Notes payable (short-term) $331,500 Accounts payable 126,750 Accrued liabilities 78,000 Bonds payable, due 2023 487,500 Common stock, $10 par 390,000 Retained earnings 290,550 Total liabilities and stockholders' equity $1,704,300 $ 126,750 78,000 175,500 321,750 44,850 253,500 360,750 $1,361,100 $234,000 101,400 78,000 331,500 390,000 226,200 $1,361,100 Priscoll Company Income Statement For the Years Ended December 31 2020 2019 Sales revenue $1,719,900 $1,540,500 Cost of goods sold 1,248,000 1,121,250 Gross profit 471,900 419,250 Operating expenses 370,500 325,650 Net income $ 101,400 $ 93,600 Additional information: 1. 2. 3. Inventory at the beginning of 2019 was $224,250. Accounts receivable (net) at the beginning of 2019 were $167,700. Total assets at the beginning of 2019 were $1,287,000. No common stock transactions occurred during 2019 or 2020. All sales were on account. 4. 5. Indicate, by using ratios, the change in liquidity and profitability of Priscoll Company from 2019 to 2020. (Round Current ratio, Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) 2019 2020 LIQUIDITY Current ratio :1 :1 Accounts receivable turnover times times Inventory turnover times times PROFITABILITY Profit margin % % Asset turnover times times Return on assets % % Earnings per share $