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can you please solve it The comparative statements of Marigold Interiors Ltd. are presented as follows: MARIGOLD INTERIORS LTD. Income Statement For the Year Ended
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The comparative statements of Marigold Interiors Ltd. are presented as follows: MARIGOLD INTERIORS LTD. Income Statement For the Year Ended December 31 2021 Net sales $2,225,750 Cost of goods sold 1.159,000 Gross profit 1,066,750 Selling and administrative expenses 504,000 Income from operations 562,750 Other expenses and losses Interest expense 14.000 Income before income taxes 548.750 Income tax expense 104.775 Profit $443,975 2020 $1,812,500 1.007,500 805,000 492,000 313,000 13,000 300,000 78.000 $222.000 MARIGOLD INTERIORS LTD. Balance Sheet December 31 Assets 2021 2020 2019 Current assets Cash $80,000 $129,100 $110,400 Accounts receivable 182,200 106,000 102,840 Inventory 218,800 125,000 113,500 Total current assets 481,000 360,100 326.700 Property, plant, and equipment (net) 645.700 601,300 518,300 Total assets $1,126,700 $961,400 $845,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable $288,175 $162,000 $135,400 Income taxes payable 46,000 49,500 48,000 Total current liabilities 334 175 211,500 183,400 Bonds payable 190,000 195,000 200.000 Total liabilities 524,175 406,500 383,400 Shareholders' equity Common shares 280,000 280.000 300.000 Retained earnings 322.525 274,900 161,600 Total shareholders'equity, 602.525 554.900 461,600 Total liabilities and shareholders' equity $1.126,700 $961,400 $845.000 Additional information: 1. All sales were on account 2. Weighted average common shares in 2021 were 56.000 and in 2020 were 58.000. Calculate the following ratios for 2021 and 2020. (Round earnings per share, current ratio acid-test ratio and asset tumover answers to 2 decimal places, eg. 1.83 or 1.89% and all other answers to 1 decimal place, c.8. 1.5 or 1.5%. Use 365 days for calculation) 2021 2020 % %. % 96 1. Gross profit margin 2 Profit margin 3. Earnings per share 4. Receivables turnover 5. Collection period $ $ times times days days 6. Inventory turnover times times 7. Days sales in inventory days days * 8. Return on common shareholders' equity 9. Return on assets % 96 10. Current ratio 11 Acid-test ratio times times 12. Asset turnover % 13. Debt to total assetsStep by Step Solution
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