Question
Assets PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment
Assets PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 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 $ 158,800 $ 123,000 84,000 95,000 98,000 83,000 4,300 2,300 510,000 510,000 820,000 700,000 (458,000) (298,000) $1,217,100 $1,215,300 $ 102,000 $ 88,000 12,300 7,500 9,500 5,300 100,000 200,000 Common stock 730,000 730,000 Retained earnings 268,100 179,700 Total liabilities and stockholders' equity $1,217,100 $1,215,300 Stockholders' equity: Additional information for 2021: 1. Net income is $88,400. 2. Sales on account are $1,628,900. 3. Cost of goods sold is $1,230,800. Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) Risk Ratios a. Receivables turnover ratio b. Inventory turnover ratio c. Current ratio times times to 1 d. Acid-test ratio to 1 e. Debt to equity ratio %
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