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Condensed balance sheet and income statement data for Pharoah Corporation are presented as follows. PharoahCorporation Balance Sheets December 31 Assets 2022 2021 $30,282 82,400 102,400
Condensed balance sheet and income statement data for Pharoah Corporation are presented as follows. PharoahCorporation Balance Sheets December 31 Assets 2022 2021 $30,282 82,400 102,400 62,000 522,400 $799,482 $26,850 74,400 85,400 60,000 482,400 $729,050 Cash Receivables (net) Other current assets Long-term investments Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $79,660 92,400 342,400 285,022 $74,660 102,400 312,400 239,590 $729,050 $799,482 PharoahCorporation Income Statements For the Years Ended December 31 2022 Sales revenue $795,000 Cost of goods sold 440,000 Operating expenses (including income taxes) 240,000 Net income $115,000 2021 $718,000 400,000 220,000 $98,000 Compute these values and ratios for 2021 and 2022. (Round ratios to 1 decimal place, e.g. 15.2.) 2021 2022 (a) Working capital. $ $ (b) Current ratio. :1 :1 (c) Debt to assets ratio. % % Compute these values and ratios for 2021 and 2022. (Round ratios to 1 decimal place, e.g. 15.2.) 2021 2022 (a) Working capital. $ $ (b) Current ratio. :1 :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 Pharoah Corporation. The liquidity as shown by the working capital and the current ratio has improved deteriorated The solvency as shown by the debt to assets ratio has
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