Comparative financial statement data of Sanfield Optical Mart follow: (Click on the icon to view the income statements.) :: (Click on the icon to view the balance sheets.) Other information: 1. Market price of Sanfield common shares $62.01 at December 31, 2020; and $61.23 at December 31, 2019 2. Average common shares outstanding 22,000 during 2020 and 17,000 during 2019 3. All sales on credit Requirements NON = Requirement 1. Compute the ratios for 2020 and 2019. (Abbreviations used: Avg. - average and ols = outstanding, shs - shares.) a. Current ratio Select the formula, and then enter the amounts to calculate the current ratio for 2020 and 2019. (Round the ratios to two decimal places, X.XX.) Current ratio 2020 2019 Sanfield Optical Mart Comparative Income Statement Years Ended December 31, 2020, and 2019 2020 2019 $ 596 000 Net sales 682,000||$ 372,000 280 000 Cost of goods sold Gross profit 310,000 128,000 316.000 144.000 Operating expenses Income from operations 182,000 37 000 172.000 44.000 Interest expense 145.000 128.000 Uncome before income tax 40 000 48.000 Income tax expense 105,000 $ 80.000 Net income Dona Sanfield Optical Mart Comparative Balance Sheet December 31, 2020, and 2019 2020 2019 2018" Current assets: Cash $ 45,000||$ 49,000 Current receivables, net 213,000 155,000 S 203.000 278,000 185,000 25,000 Inventories 301,000 4,400 Prepaid expenses Total current assets 507.000 563,400 283,000 274,000 Property, plant, and equipment, net $ 846 400 $ 781.000 701,000 Total assets 120.000 117.000 Accounts payable 110.000 186,000 138.000 Other current liabilities 258 l S 296 000 W Accounts payable 117.000 120,000 138,000 110,000 186,000 Other current liabilities Total current liabilities $ 258,000||$ 296,000 245,000 229,000 Long-term liabilities Total liabilities 503,000 525,000 Common shareholders' equity, no par 343,400 256,000 203.000 Total liabilities and shareholders' equity $ 846,400||$ 781,000 C. 1. Compute the following ratios for 2020 and 2019: a. Current ratio b. Quick (acid-test) ratio Receivables turnover and days' sales outstanding (DSO) (round to the nearest whole day) d. Inventory turnover and days' inventory outstanding (DIO) (round to the nearest whole day) e. Accounts payable turnover and days' payable outstanding (DPO) (round to the nearest whole day) f. Cash conversion cycle (in days) g. Times-interest-earned ratio h. Return on assets i. Return on common shareholders' equity j. Eamings per share of common shares g. Price/earnings ratio 2. Decide whether (a) Sanfield's financial position improved or deteriorated during 2020 and (b) the investment attractiveness of Sanfield's common shares appears to have increased or decreased. 3. How will what you learned in this problem help you evaluate an investment