Comparative financial statements for The Oriole Company Ltd. are shown below. THE ORIOLE COMPANY LTD. Income Statement Year Ended December 31 2021 2020 Net sales $1,901,650 $1,685,040 Cost of goods sold 1.095,880 968,480 Gross profit 805.770 716.560 Operating expenses 483,750 481,370 Profit from operations 322.020 235.190 Interest expense 27.550 18.620 Profit before income tax 294.470 216.570 Income tax expense 88.341 64.971 Profit $206.129 $ 151,599 THE ORIOLE COMPANY LTD. Balance Sheet December 31 Assets 2021 2020 Current assets Cash $103,333 $66,794 Accounts receivable 98,770 105,416 Inventory 135,490 123.620 Total current assets 337,593 295,830 Property, plant, and equipment 599,578 535,609 Total assets $937.171 $831,439 Liabilities and Shareholders' Equity Current liabilities Accounts payable $167.680 $128.157 Income tax payable 43.280 43.160 Current portion of mortgage payable 10.560 21.280 Liabilities and Shareholders' Equity Current liabilities Accounts payable $167,680 $128,157 Income tax payable 43,280 43,160 Current portion of mortgage payable 10,560 21.280 Total current liabilities 221,520 192,597 Mortgage payable 101,980 191.000 Total liabilities 323,500 383,597 Shareholders' equity Common shares (50,390 issued in 2021; 54.290 in 2020) 151.170 162.870 Retained earnings 462.501 284.972 Total shareholders' equity 613,671 447.842 Total liabilities and shareholders' equity $937.171 $831,439 Additional information: 1. All sales were on account. 2. The allowance for doubtful accounts was $5,067 in 2021 and $4,735 in 2020 3. On July 1, 2021,3,900 shares were reacquired for $9 per share and cancelled 4. In 2021, $5,200 of dividends were paid to the common shareholders. 5. Cash provided by operating activities was $308,709. 6. Cash used by investing activities was $164,156. Solvency Ratios 8. Debt to total assets % 9. Interest coverage times 10. Free cash flow TA Profitability Ratios % 11. Gross profit margin % 12. Profit margin times 13. Asset turnover % 14. Return on assets % Gross profit Stability Ratios 15. Return on equity Profitability Ratios 11 Gross profit margin % 12 Profit margin % 13 Asset turnover times 14. Return on assets % 15 Return on equity 3 16. Earnings per share $ 17 Payout ratio %