Comparative financial statement data of Panfield, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Requirement 1a. Compute the current ratios for 2024 and 2023. Begin by selecting the formula to compute the current ratio. Current ratio Requirements Balance Sheet C (Click the icon to view the additional financial information.). Read the requirements. Income Statement Panfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 Panfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Net Sales Revenue 2024 2023 2022* Cost of Goods Sold Gross Profit $ 468,000 $ 431,000 239,000 211,000 229,000 220,000 138,000 136,000 Operating Expenses $ 93,000 $ 112,000 143,000 16,000 92,000 116,000 $ 105,000 163,000 205,000 Income From Operations Interest Expense 91,000 84,000 13,000 17,000 Income Before Income Tax Income Tax Expense 78,000 67,000 17,000 26,000 6,000 $ 61,000 $ 41,000 Net Income 364,000 219,000 377,000 173,000 Additional Financial Information $ 583,000 $ 550,000 $596,000 1. Compute the following ratios for 2024 and 2023: 2. a. Current ratio b. Cash ratio c. Times-interest-earned ratio d. Inventory turnover e. Gross profit percentage f. Debt to equity ratio g. Rate of return on common stockholders' equity h. Earnings per share of common stock i. Price/earnings ratio Decide (a) whether Panfield's ability to pay debts and to sell inventory improved or deteriorated during 2024 and (b) whether the investment attractiveness of its common stock appears to have increased or decreased. Assets Current Assets: Cash Accounts Receivables, Net Merchandise Inventory Prepaid Expenses Total Current Assets Property, Plant, and Equipment, Net Print Done Total Assets Liabilities Total Current Liabilities $ 229,000 $ 116,000 242,000 93,000 Long-term Liabilities Total Liabilities 345,000 335,000 Stockholders' Equity Preferred Stock, 6% 100,000 100,000 Help me solve this Demodocs example Get more help Common Stockholders' Equity, no par 138,000 115,000 92,000 1. Market price of Panfield's common stock: $83.84 at December 31, 2024, and $42.00 at December 31, 2023. 2. Common shares outstanding: 11,000 on December 31, 2024 and 10,000 on December 31, 2023 and 2022. 3. All sales are on credit. Print Done Clear all Check