Chapter 7, "Problem" 22 (Sew Cool ratios) 22. In Chapter 4, Heather Miler started her own business, Sen Cool. The financial statements for December are shown next. Sew Cool Income Statement as of December 31, 20X8 , $ 4.000 2.000 Revenue Cost of Goods Gross Profit Other Expenses Earnings before Tax Tax Expense Net Income 2.000 1.695 305 107 198 s Sew Cool Statement of Retained Earnings as of December 31, 20X8 Retained Earnings, December 1, 20x8 Net Income Dividends Retained Earnings, December 31, 20x8 $ 500 198 (158) $ 540 Assets Current Sew Cool Balance Sheet December 31, 20X8 Liabilities Current 940 Accounts Payable 500 Income Tax Payable (20) Total Current Liabilities Cash $ $ 900 120 1,020 480 Accounts Receivable Less Allowance for Doubtful Accounts Net Accounts Receivable Inventory Total Current Assets Noncurrent Equipment 700 2,120 Noncurrent Notes Payable 1,000 1,060 Owners' Equity Capital Stock Retained Earnings Total Owners' Equity 500 540 1,040 Total Assets $ 3,120 $ 3.120 Total Liabilities & Owners' Equity Based on the financial statements determine the following: a. Current ratio b. Working capital c. Age of receivables d. Receivables turnover-assuming that accounts receivable on January 1, 20x8 were $460