Comparative financial statement data of Ranfield, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) (Click the icon to view the additional financial information.) Read the requirements. Requirement 1a. Compute the current ratios for 2024 and 2023. Begin by selecting the formula to compute the current ratio. Current ratio nc. follow: 2024 and 2023. Net Sales Revenue Ranfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 S 2024 2023 460,000 $425,000 rent ratio. 240,000 215,000 Cost of Goods Sold Gross Profit 220,000 210,000 134,000 132,000 Operating Expenses Income From Operations 86,000 78,000 12,000 16,000 Interest Expense Income Before Income Tax 74,000 62,000 Done dditional financial informatio Net Sales Revenue 2024 $ 460,000 $ 425,000 Cost of Goods Sold 240,000 215,000 2023. Gross Profit 220,000 210,000 134,000 132,000 Operating Expenses Income From Operations 86,000 78,000 12,000 16,000 Interest Expense Income Before Income Tax 74,000 62,000 22,000 25,000 Income Tax Expense $ 52,000 $ 37,000 Net Income Print Done Clear all of Ranfield, statement.) e sheet.) nt ratios for 20 Balance Sheet Ranfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 2022* Assets mpute the curr Current Assets: Cash $ 90,000 $ 89,000 Accounts Receivables, Net 113,000 114,000 $106,000 Merchandise Inventory Prepaid Expenses Total Current Assets 149,000 16,000 162,000 7.000 210,000 368,000 372.000 ext pages Print Done X Total Current Assets Property, Plant, and Equipment, Net Total Assets Liabilities Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity $ 69 368,000 372,000 212,000 176,000 580,000 $ 548,000 $602,000 $ 225,000 $ 246,000 117,000 95,000 342,000 341.000 Preferred Stock, 4% 110,000 110,000 128,000 Common Stockholders' Equity, no par 97,000 92,000 Total Assets Liabilities $ 225,000 $ 246,000 117,000 95,000 342,000 341,000 Total Current Liabilities Long-term Liabilities 20 Total Liabilities urr Stockholders' Equity Preferred Stock, 4% Common Stockholders' Equity, no par Total Liabilities and Stockholders' Equity * Selected 2022 amounts $ SO $602.000 110,000 110.000 128,000 97,000 92,000 580,000 $ 548,000 Print Done Additional Financial Information 1. Market price of Ranfield's common stock: $70.38 at December 31, 2024, and $44.40 at December 31, 2023. 2. Common shares outstanding: 12,000 on December 31, 2024 and 11,000 on December 31, 2023 and 2022. 3. All sales are on credit. Print Done - nfield, Ind ment.) -t.) os for 202 the currer Requirements 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 Ranfield'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. Print Done - X cial in