Condensed balance sheet and income statement data for Cullumber Corporation are presented as follows. CullumberCorporation Balance Sheets December 31 Assets 2022 2021 Cash $ 28,904 $ 25,468 83,600 75,600 103,600 86,600 62,000 60,000 523,600 483,600 Receivables (net) Other current assets Long-term investments Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities $ 801,704 $ 731,268 $77,180 $ 72,180 93,600 103,600 Common stock 343,600 313,600 287,324 241,888 Retained earnings Total liabilities and stockholders' equity $ 801,704 $731,268 2021 Cullumber Corporation Income Statements For the Years Ended December 31 2022 Sales revenue $ 762.000 Cost of goods sold 440,000 Operating expenses (including income taxes) 240,000 Net Income $82,000 $ 715,000 400,000 220,000 $ 95,000 Compute these values and ratios for 2021 and 2022. (Round ratios to 1 decimal place, eg. 15.2.) 2021 2022 (a) Working capital $ $ (b) Current ratio 21 1 (c) Debt to assets ratio % % (d) Based on the ratios calculated, comment on the improvement or lack thereof in financial position from 2021 to 2022 of Collomber Corporation The liquidity as shown by the working capital and the current ratio has The solvency as shown by the debt to assets ratio has e Textbook and Media Attempts: 0 of 5 used Submit Answer Save for Later