Adobe PDF Signatures Question 10 (8 marks) Below is the 2021 and 2022 Statement of Financial Position and Statement of Income for Meadow Farms Inc. Dec. 31, 2022 Dec. 31, 2021 Cash $300,000 Short term investment $150,000 800,000 550,000 Accounts receivable 900,000 850,000 Inventory 200,000 250,000 Current assets 2.200.000 1,800,000 Land 800,000 600,000 Building, at cost 900,000 700,000 Building, accumulated depreciation (300.000) (250,000) 1.400,000 1.050.000 Total Assets 3,600,000 2,850,000 Accounts payable Long-term debt 450.000 350,000 615.000 400.000 Common shares 1,000 1,000 Retained earnings 2.534.000 2,099.000 Total shareholder's equity 2.535.000 2.100.000 Total Liabilities and Equity 3.600,000 2,850,000 Net Sales $4,000,000 $5,700,000 Cost of goods sold Gross Profit 3,000,000 1,000,000 5.000.000 700,000 Depreciation expense Operating expenses Net Income before taxes 50,000 75,000 280.000 290,000 330,000 365,000 $670,000 $335.000 Required marky From the data above, calculate the following ratios. (two decimal places and show calculations for part marks) A formula sheet is found at the back of the exam 2022 2021 Current Ratio Quick Ratio Debt to Equity ratio What is the accounts receivable turnover for 2022? 13 Page 13 of 14 20 of 2766 words Qx Focus 100% MacBook