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Comparative financial statements for Sheridan and Concord Ltd. are shown below. SHERIDAN AND CONCORD LTD. Income Statement Year Ended December 31 2021 2020 Net sales $850,000 $790.000 Cost of goods sold 580.000 530.000 Gross profit 270.000 260.000 Operating expenses 164,000 160,000 Profit from operations 106,000 100.000 Other revenues and expenses Interest expense 40.000 20.000 Profit before income tax 66,000 80,000 Income tax expense 2.000 25,000 Profit $64.000 $55.000 2019 $10,000 105.000 96,000 115,000 300,000 $626,000 SHERIDAN AND CONCORD LTD. Balance Sheet December 31 Assets 2021 2020 Cash $87,000 $80,000 Accounts receivable 108,000 104,000 Inventories 135,000 130,000 Prepaid expenses 25,000 20,000 Land, buildings, and equipment 390,000 305,000 Total assets $745,000 $639,000 Liabilities and Shareholders' Equity Liabilities Notes payable $110,000 $100,000 Accounts payable 46.000 43,000 Accrued liabilities 32,000 40.000 Bonds payable, due 2024 190.000 150.000 Total liabilities 378,000 333.000 Shareholders' equity Common shares (20.000 issued) 200.000 200.000 Retained earnings 167.000 106,000 Total shareholders' equity 367,000 306,000 Total liabilities and shareholders' equity $745,000 5639,000 $100,000 60.000 35.000 172.000 367,000 200,000 59,000 259.000 $626.000 Additional information: 1. Seventy-five percent of the sales were on account. 2. The allowance for doubtful accounts was $4.000 in 2021. $5.000 in 2020, and $3.000 in 2019. 3. In 2021 and 2020, dividends of $3.000 and $8,000, respectively, were paid to the common shareholders. 4. Cash provided by operating activities was $103.500 in 2021 and $124.000 in 2020 5. Cash used by investing activities was $108,500 in 2021 and $32,000 in 2020. Calculate all possible liquidity, solvency, and profitability ratios for 2021 and 2020. (Round answers for Collection period, Days sales in inventory, Operating cycle and Free cash flow to 0 decimal places, eg. 125. Round answer for Earnings per share to 2 decimal places, eg. 1250. Round all other answers to 1 decimal place, eg. 12.5 or 12.5%. Enter negative amount using either a negative sign preceding the number es.-45 or parentheses eg. (45)) 2021 2020 Liquidity Ratios 1 Current ratio :1 :1 2 Acid-test ratio I :1 -1 3. Receivables turnover times times 4 Collection period days days 5. Inventory turnover times times days days 6. Days sales in inventory 7. Operating cycle days days Solvency Ratios 8. Debt to total assets 96 96 9. Interest coverage times times 10. Free cash flow $ $ Profitability Ratios % % 11. Gross profit margin 12. Profit margin % I times times 13. Asset turnover 14. Return on assets % % 15. Return on equity % % 16. Earnings per share $ $ 17. Payout ratio %