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5 The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021
5 The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 1:01:51 201,200 $ 90,000 101,000 4,600 126,000 98,000 86,800 2,600 ook int 540,000 540, eee 850,000 730,000 (488,000) (328,000) $1,298,800 $1,254,600 int ences Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable "Long-term liabilities: Notes payable Stockholders' equity! Common stock Retained earnings Total liabilities and stockholders! equity $ $ 105,000 8,500 10,500 91,080 12,600 5,600 100,000 200,000 260,000 760,000 314,800 185,400 $1,298,800 $1,254,600 Additional information for 2021: Additional information for 2021: 01:01:31 1. Net income is $129,400. 2. Sales on account are $1,739,000 3. Cost of goods sold is $1,299,650. eBook Hint Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) Print eferences Risk Ratios times a. Receivables turnover ratio b. Inventory turnover ratio Current ratio times to 1 d Acid-test ratio to 1 e Debt to equity ratio % 2. When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio? Yes No
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