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Statement of Financial Position December 31 2021 2020 2019 Assets Current assets Cash $25,100 $20,000 $17,800 Accounts receivable (net) 54.700 45,000 47,800 Inventory 100,000 84.700 63,600 Total current assets 179,800 149,700 129,200 Long-term investments 53,100 67,600 45,500 Property, plant, and equipment (net) 497,500 371,500 257,200 $730,400 $588,800 $431,900 Total assets Liabilities and Shareholders' Equity Liabilities Current liabilities $84,800 $79.700 $29.800 153,900 84,800 20,100 Non-current liabilities 238,700 Total liabilities 164,500 49.900 Shareholders' equity 328,300 298,500 299,900 Common shares 163,400 125,800 82,100 Retained earnings 491,700 Total shareholders' equity 424,300 382,000 $730,400 $588,800 $431.900 Total liabilities and shareholders' equity SPRINGFIELD CORPORATION Statement of Income Year Ended December 31 2021 2020 Sales 704,400 453,300 Cost of goods sold 448,000 300,300 Gross profit 256,400 153,000 Operating expenses 150,300 84,500 Income from operations 106,100 68,500 Interest expense 10,000 4,350 Income before income tax 96,100 64.150 Income tax expense 19,220 12,830 Net income $76,880 $51,320 Additional information: 1 The allowance for doubtful accounts was $4,800 in 2019, $4,400 in 2020, and $5,100 in 2021. 2. All sales were credit sales. 3. Net cash provided by operating activities was $120,500 in 2020 and $102,100 in 2021. Net capital expenditures were $153,000 for 2020 and $179,800 for 2021. 4. Your answer is partially correct. Calculate the following ratios for 2020 and 2021: (Round answers to 1 decimal place, eg. 5.2:1 or 5.2% or 5.2. Enter negative answers preceeding either - sign, eg. 45 or in parentheses, e.g. (45).) 2021 2020 1. Current ratio 22 1.9 1 :1 2. Receivables turnover 12.9 3.9 times times 3. Inventory turnover 4,8 times 4,1 times 4. Debt to total assets 327 % 27.9 % 5. Times interest earned 10.7 times 15.7 times $ 6. Free cash flow $ 7. Gross profit margin 36.5 96 % 33.75 % 8. Profit margin 10.9 %6 11.3 % 9. Asset turnover 1.05 times 0.88 times 10. Return on assets 118 % 10.2 %